Nord refrigerator production down 80% yoy in 2009

The President of Nord Group Valentin Landik said yesterday that production of Nord and Donbas refrigerator models by Nord (NORD) is down 80% yoy since the beginning of the year. According to Landik, Ukraine currently has a two-month supply of refrigerators in stock, and the company is surviving on sales in Europe (namely Germany and France). Landik said that sales of industrial refrigerators and store windows were down by 90% yoy over the period; compressors by 60%; and gas, electrical and combination ranges also by 60%.