The plant will be acquired from Pfleiderer Grajewo SA, a subsidiary of the German Pfleiderer Group, already today a supplier to the IKEA Industry Group. Some conditions need to be fulfilled before closing of the transactions, among others approval by Russian antitrust authorities.

The process is expected to be finalised within the next few months.

"By acquiring the Novgorod plant, we are supporting the planned expansion in Russia and at the same time securing supply of innovative product solutions based on lightweight boards to the IKEA furniture suppliers," says Christian Schwarz, ceo of Swedspan, the business operation within the IKEA Industry Group that will manage the Novgorod production plant.