Ikea bought 33,600 ha of forest land in Romania from Greengold. The price of the deal was not disclosed. The land is located in the country’s Prahova, Buzau, Vrancea, Botosani and Bihor regions. Forest management will be coordinated by IRI Investments Ltd., part of the Ikea Group.
“Ikea Group decided to invest in forestry operations. This decision facilitates our access to raw sustainably managed wood materials,” said Frederik de Jong, IRI’s board chairman. “The investment in the forests is also a way to diversify our assets. With this acquisition, Romania became the first country in Ikea Group which will manage their forestry operations, and we intend to be an example of sustainable management of forests.”
The Swedish retailer opened its first store on the Romanian market in Bucharest in 2007. The company acquired a new plot in Bucharest in June where it plans to build a second store.
