Arctic to invest 6m euros in 2004

Home appliances producer Arctic Gaesti will invest about 6 million euros next year in order to expand its production capacity, the companyi’s general manager, Ogushan Ozturk said during Romanian Premier Adrian Nastasei’s visit to the corporate headquarters on Wednesday. He specified that the total output would increase as a result of the investment from 420,000 units this year to 700,000 units in 2004, only to reach one million units in 2005. So far, Arctic Gaesti has registered turnover worth 75 million euros, but the companyi’s management estimates it will jump to 100 million euros next year. About 60% of the companyi’s production were exported in 2002 to European countries, mainly to UK, France, Netherlands and Germany. Arctici’s exports had come to total 13 million euros by August 31, 2003, and are expected to amount to 15 million euros next year. ZF