Russian government approves sale of IKEA factories - deputy minister, 16 February 2023

A Russian government commission has approved the sale of Swedish furniture maker IKEA's factories in Russia to two local buyers, paving the way for a deal to be struck, a government official was quoted as saying on Thursday...IKEA hopes to finalise terms early this year.

Sales have been complicated as deals involving companies from so-called unfriendly countries - those that imposed sanctions against Russia - need approval from a government commission.

Deputy Industry and Trade Minister Viktor Yevtukhov told the daily Izvestia that kitchen worktop manufacturer Slotex and lumber producer Luzales would purchase the plants.

Brand owner Inter IKEA Group has previously said it was selling its four production units in Russia, in Tikhvin, Novgorod and Vyatka.

Izvestia said two units had been merged into one, meaning three business units would be included in the deal. The factories would continue to operate and the goods produced would be sold by Russian retail outlets.