Investments, Lithuania, Markets and Companies

International Internet Magazine. Baltic States news & analytics Tuesday, 21.05.2019, 12:00

Ikea invested into Lithuanian furniture industry over 250m litas

Danuta Pavilenene, BC, Vilnius, 22.12.2008.Print version
The Swedish concern Ikea, the main client of Lithuanian furniture companies, officially did not announce the value of the transaction after purchasing Giriu Bizonas, the manufacturer of wood-wool boards and furniture parts, in the middle of December 2008.

According to Karolis Pocius, partner and investment banking head at the investment bank Gild Bankers, this transaction might comprise about 10% of overall direct foreign institutions in Lithuania this year, writes ELTA.

 

According to unofficial data, Ikea has invested over 250 million litas (73.86 million euros) into Lithuania"s furniture industry. The coming of the Swedish concern into Lithuania has significantly improved country"s image in the business world, the daily Lietuvos Rytas writes. The transaction was not terminated even then, when it was announced about the coming economic downturn in the all Baltic states. On the contrary, then the negotiations between the owners of Giriu Bizonas and the Ikea representatives became more efficient and were successfully completed.

 

In Lithuania, Ikea intends to continue its activities concerning orders of furniture manufacturing and to organize manufacturing of wood-wool boards in a more efficient way. The Swedes also plan to double the production of furniture parts in the nearest five years.






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