Refrigerator maker Arctic Gaesti on Tuesday announced the signing of a deal with the world's home appliances giant, the U.S.-based Whirlpool. "Arctic in late April, 2001 signed a contract with Whirlpool.
The contract stipulates it will produce refrigerators later to be sold by Whirlpool Europe SRL," the company release reads.
The officials of the two companies were not available for providing further details about the contract. The signing of the Arctic-Whirlpool production contract verifies the rumours spread early this year about the Gaesti-based company being eyed by top players on the international market for a co-operation.
Arctic is currently the leading refrigerator maker on the domestic market, with Swedish Electrolux as its main competitor. Whirlpool is operating on the superpremium market in Romania, while Arctic rules the middle-end segment.
Arctic Gaesti concluded Q1 with 18.42bn lei in losses and a drop in turnover from 169.48bn lei to 138.31bn lei. Whirlpool Romania was established in 1996 and has a share capital of more than $4 million at the moment.
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