Luzales, Stolex closes acquisitions of 3 former IKEA plants

ST. PETERSBURG, Mar 24 (PRIME) -- Russian cut timber producer Luzales and producer of kitchen counters and facades Slotex have closed acquisitions of three former plants of Swedish furniture and home accessories producer IKEA, representatives of the companies told PRIME on Friday.

Luzales acquired two of the plants, and Stolex bought one.

“The acquisition of the plants was closed,” a Luzales representative said, adding that the company still planned to relaunch operations of the plants in the Leningrad and Kirov regions and drive their production to 100% of capacities.

A Stolex representative told PRIME that the company’s co-owner Vadim Osipov had confirmed closure of the acquisition of the IKEA plant in the Novgorod Region without disclosing other details of the deal.

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