IKEA announced the completion of the sale of its factory in Russia to a local company. Thus, Invest Plus will take over the plant in Novgorod, a year after the Swedish retailer ceased operations in the country.

“The sale (of the Novgorod plant) was structured to find a new owner with a solid plan and the ability to develop the business,” brand owner Inter IKEA Group told Reuters.

Invest Plus is a special purpose entity (SPV or special purpose entity), owned by Osipov, CEO and co-owner of Slotex, one of the major national producers of chips and kitchen countertops.

In February, the Russian government approved the sale of Ikea’s factories in Russia to two Russian companies, Slotex and Luzales, after the multinational decided to leave the country due to the war in Ukraine.

With the deal with Osipov done, all that was left was to complete the sale of the group’s other plant to the Luzales woodworker.

Ikea, which suspended sales in Russia at the beginning of March due to the war in Ukraine, announced in June that it wanted to sell its four factories on Russian soil, reduce the number of employees, liquidate its business and liquidate its stock. “.

The company guaranteed employees’ salaries for six months, and also said that its logistics offices in Moscow and Minsk, Belarus, would be closed.

In November, the Ingka Group, which owns Ikea, reported a net profit of 287 million euros in the last financial year (September-August), 82% less than in the same period in 2021, mainly due to the “significant” impact of Taxes in the group’s financial markets investment division, as well as the effects of closing operations in Russia due to the war in Ukraine.

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