“We can confirm that we signed the contract for this loan, but cannot divulge details regarding investment plans, for competitive reasons,” said Anders Adholm, company spokesman.
The bank offered further details, indicating that the loan is part of a €450 mln line of credit, of which €14.9 mln each will be invested in Hungary and Romania, €40 mln in Sweden, and €150 mln in Poland. Electrolux will supplement its Polish investment by a further €150 mln from own funds.
“This is an enormous amount for the white goods sector. It is hard to imagine what these funds can be spent on,’ commented a representative of the competition, quoted by Warsaw Business Journal.
The Swedish Electrolux group has been in Romania since 1995, and has a sales and marketing division in Bucharest, and a stove factory in the northern Romanian city of Satu Mare, the later since 1997, when it became majority shareholder (97 percent) of the Samus stove producer. In 2000, it acquired further shares, now claiming 99.52 percent of Samus.
