Slotex closed the deal on purchasing Ikea Industry Novgorod

Invest Plus LLC closed the deal on purchasing IKEA’s largest production asset in Russia — Ikea Industry Novgorod, as reported by the Agency for Communication Strategies. The beneficiary owner of Invest Plus LLC is Vadim Osipov, Director General and co-owner of Slotex Group. The transaction amount is not disclosed.

“The process of making this deal was challenging and quite long. We are sincerely grateful to all its participants, i.e., IKEA, the authorized Russian and Swedish regulators, and the Russian Ministry of Industry and Trade, for their constructive position. Buying this plant is not the end of the journey for us, it is only the beginning. We have come with a specific plan for long-term development of this production site, which is unique for Russia,” Vadim Osipov, Director General at Invest Plus LLC, commented on the event.

Ikea Industry Novgorod is the largest production venue previously owned by IKEA in Russia. This enterprise consists of a laminated particleboard production plant and a cabinet-type furniture factory. The production capacity of the laminated particleboard plant exceeds 500,000 m³ of sanded particleboard. The cabinet-type furniture factory produces over 7 million cabinet cases and kitchen furniture per year.