IKEA opens new facility in Russia for 50mln euro

That is the company’s biggest investment in Russia so far
IKEA opens new facility in Russia for 50mln euro
07 September 10:56 2016 Print This Article

Swedish furniture retailer IKEA will inaugurate one of Russia’s largest factory for the production of furniture on Wednesday in Novgorod, reports the regional government.

IKEA has invested 50 million euro in this production site.

“New furniture factory in Great Novgorod worth 50 million euro will increase production volume of goods most demanded in Russian. Over 50 percent of products on sale are made in Russia. The company is seeking to increase the share,” the press service of the Novgorod government said.

The total production capacity of the factory will be 7 million units of furniture per year.

Earlier, the furniture retailer said that was its biggest investment in Russia.

IKEA works in Russia since 1990. Now, the company employs 12 thousand people in Russia.

In spring 2015, IKEA confirmed plans to invest an additional USD2 billion in Russia by 2020. The company said Russia has one of the biggest potentials for development.

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