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IKEA buys Lithuanian forests

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IKEA buys Lithuanian forests
November 23
09:00 2018

IKEA (Sweden) has become the largest forest owner in Lithuania. During this year, it has expanded its possession in a small Baltic state by a third – up to 20 thousand hectares.

Mr. Pivoryunas, the head of the private forest association, suggested that the Swedish company had bought about 5 hectares from another Swedish company – GreenGold. This transaction is likely to cost IKEA about 10 million Euros.

Earlier this year, the furniture company had already acquired Lithuanian forests. In January, it increased its property to 15 thousand hectares.

IRI Forest Management (one of the companies of the IKEA group) has shared the information that in 2018 its forest area in the Baltic States has more than doubled and now amounts to 120 thousand hectares. However, only in Latvia the group owns 90 thousand hectares. In Estonia, the area remained the same – 10 thousand hectares.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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