IKEA sells its Novgorod factory to Russian firm Invest Plus, whose CEO says sealing the deal 'was not easy.'
. IKEA briefly resumed online sales last summer and part of the company still operates 14 MEGA-branded shopping malls in Russia., the owner of most IKEA stores, had started looking for buyers for the malls.
“The [Novgorod factory] sales process has been structured and stepwise in order to find a new owner with a strong plan and capability to develop the business,” brand owner Inter IKEA Group told Reuters.“The process of concluding the deal was not easy and quite lengthy,” Invest Plus chief executive officer Vadim Osipov said in a statement, thanking all parties involved – IKEA, Russian and Swedish regulators, and Russia’s Ministry of Industry and Trade.
“Our goal is to return the highly popular and quality production of the Novgorod factory to Russia’s furniture market as quickly as possible,” Osipov said.firms from so-called unfriendly countriesInvest Plus is a special purpose vehicle , beneficially owned by Osipov, who is CEO and co-owner of Slotex, a leading domestic producer of laminates and kitchen worktops.
The Russian government approved the sale to Slotex in February, also giving lumber manufacturer Luzales the right to finalize a deal forThe Novgorod factory was the largest of IKEA’s former production units in Russia, Invest Plus said, able to produce more than 7 million cabinets and kitchen furniture units per year.
The company has retained the backbone of the factory’s workforce and said it would guarantee jobs for at least a year. It expects to resume full production in the next two to three months.
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