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Business news, 10.11.2003 12:59

Swedwood plans euro 12 million upgrade of Tikhvin furniture factory

Swedwood Group (IKEA) factory The Swedish company Swedwood is investing Euro 12 million so that it can manufacture finished furniture at its existing furniture parts plant in the Tikhvin area of Leningrad Region. The announcement was made to journalists by Swedwood Group's president, Peter Berntson.

Mikhail Dedov, chairman of the Leningrad Region Forests, Natural Resources and Environmental Protection Committee, said construction of the new facility would begin in Tikhvin in May 2004, with the start of production earmarked for the beginning of 2005. Currently, Swedwood's Tikhvin plant produces earlier-stage elements for furniture that are shipped to IKEA plants in Sweden and Central Europe. When the facility is complete, furniture will be directly assembled in Tikhvin.

The Swedwood Group, founded in 1991, is part of IKEA and includes furniture factories and sawmills. At present, the Swedwood Group comprises 36 enterprises in 12 countries.

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