Ikea has signed a deal to buy a chipboard plant in Novgorod from Pfleiderer Grajewo, an affiliate of Germany's Pfeiderer Group, Ikea said in a press release, Interfax reported.
Pfeiderer is a supplier for the Swedish retailer.
Before the deal is finalized, the companies need to comply with several conditions, including obtaining permission from the Federal Anti-Monopoly Service, Ikea said.
The deal will be completed in the next few months, after which the plant will be integrated into Ikea's production structure.
The plant will make light wood panels for Ikea products and will have the capacity to turn out 500,000 cubic meters of chipboard panels per year.
(MT)
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
