Home appliance producer Arctic, majority owned by the third largest European appliance maker Turkish Arcelik, registered a 5 percent drop of business year-on-year in 2008 owing to the financial crisis, NewsIn informs.
Arctic’s turnover stood at 213 million euros last year and the sales fell 1 percent over 2007, to 1.5 million units.
The company’s business was hit by the economic downturn mostly in November and December last year when the home appliance market fell 20 percent under the prohibitive lending conditions, Arctic’s GM Monica Iavorschi (photo) said.
In the last two months of 2008 sales reduced 16 percent over the similar period of 2007. Arctic was established in 1968 and two years later it started to produce refrigerators in Gaesti, southern Romania. The Turkish-based Arcelik bought Arctic in 2002.
