SPV of Slotex co-owner closes acquisition of IKEA factory in Veliky Novgorod

ST. PETERSBURG. March 27 (Interfax) - Invest Plus LLC, a special purpose vehicle controlled by Vadim Osipov, the CEO and co-owner of St. Petersburg-based Slotex Group, has completed the acquisition of Swedish furniture giant IKEA's factory in Veliky Novgorod.

"Invest Plus LLC has completed the transaction to purchase IKEA's largest manufacturing asset in Russia, Ikea Industry Novgorod LLC," Slotex told Interfax. The company did not disclose the financial terms or other conditions of the deal.

Slotex said it will announce its future plans for the factory at a later date.

A spokesman for Slotex said the acquired factory was IKEA's "largest and most attractive asset," and has two specializations that are "extremely in-demand on the domestic market" - laminated particle board and cabinet furniture. The factory, which was built in 2016, has "the most modern important equipment," he said.

IKEA's factories in Leningrad and Kirov regions have been acquired by Luzales LLC, a lumber producer based in Syktyvkar.