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Wednesday, 28 September 2016

LG Egypt installs new washers production line in Tenth of Ramadan

LG Egypt has completed the installation of a new washer production line in its factory in Tenth of Ramadan, producing up to 9,000 washing machines a month, an unnamed company source told Al Mal. The firm is currently in talks with five local banks to secure USD 5-6 mn in funding to start operations on the washers line and to import raw materials, the source added. LG Egypt reportedly needs USD 18-20 mn a month to run its Tenth of Ramadan factory overall. A slew of financial troubles have hit the electronics firms as result of the FX crisis, including the postponement of building new production lines, as well as a general reduction of the firm’s production capacity.

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