Luzales closed a deal to buy IKEA factories in the Leningrad and Kirov regions
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The Luzales company completed the acquisition of two former IKEA factories in the Leningrad and Kirov regions, transmits TASS with reference to the timber industry trade union.
“IKEA factories in Tikhvin and Kirov were sold to Luzales. This is informally reported to employees by individual representatives of management. On Friday, March 24, workers should bring the workshops into proper shape. On Monday, March 27, the arrival of the new owner is expected,” the message says.
At the same time, the deal to sell the former IKEA factory in Novgorod to Slotex has not yet been completed.
On March 4, 2022, IKEA temporarily closed stores in Russia amid a Russian special operation in Ukraine, logistical problems and sanctions. In mid-June, it became known that the company was looking for buyers for its four factories in Russia, as well as reducing staff and selling off the rest of the goods. On February 16, Deputy Minister of Industry and Trade Viktor Evtukhov named buyers of three IKEA factories in Russia (two factories were merged into one, so the deal covered three factories). They were Slotex, which specializes in kitchen worktops and facades, as well as Luzales.
According to 2021 data, Luzales’ revenue amounted to 8.4 billion rubles, and net profit – 2.3 billion rubles. Chairman of the Board of Directors of the company Ruslan Semenyuk added that the deal will be financed from the company’s own funds. He also noted that the deal does not provide for a buyback option.
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