Uzbek refrigerator-making plant declared bankrupt

‘Sino’ plant producing refrigerators in Uzbekistan’s Samarkand city was declared bankrupt upon the court decision, the Uzbek media reported citing the Uzbek plant.

The plant with the capacity of 250,000 refrigerators per year opened in 1973. During the times of the Soviet Union, the plant produced "Pamir", "Samarkand", "SINO" refrigerators.

On December 20, 1991 the plant was transformed into Sino joint-stock company. The plant was reconstructed several times during 45 years.

In 2012, a contract was signed with China’s Guangzhou Kinte Electric Industrial Co., Ltd to develop two new models of refrigerators.

However, eight years ago, South Korea’s Samsung Electronics Co., Ltd., China’s Midea Group and Changhong Co., Ltd., Turkish Odul company and others set up Artel Trade LLC in Tashkent, which launched the production of dozens of electrical appliances. The capacity of this company is up to 150,000 refrigerators annually.

Presently, the company's share in Uzbekistan’s home appliances market is over 50 percent, Artel told Trend earlier.

Moreover, the Uzbek-US Roison Electronics joint venture has arranged production of household appliances at Algorithm joint stock company in Tashkent since 2012, including Candy and Roison refrigerators.

In 2015, Uzbekistan decided to sell 88.8 percent of shares of Samarkand’s Sino plant to a strategic foreign investor.

17.08.2018 16:30 / Hits: 58 / Print
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