IKEA buys Lithuanian panel producer UAB Giriu Bizonas

Dec 12, 2008. /Lesprom.com/. IKEA Group has acquired a particleboard and furniture production company in Lithuania, Timber Industry Magazine reported. IKEA said its takeover of UAB Giriu Bizonas in Kazlu Ruda would further strengthen Lithuania’s position of being an important and competitive purchasing market for IKEA flat line furniture. “By acquiring Giriu Bizonas, the main particleboard producer in Lithuania, we will secure access to particleboard at the right quality and to competitive prices,” said Bruno Winborg, Chairman of IKEA Industrial Groups, Swedspan & Swedwood. He said Giriu Bizonas’ furniture operations, already a main supplier to IKEA, are expected to grow substantially in the coming years thanks to the acquisition. UAB Vakaru Medienos Grupe, which sold Giriu to IKEA, said the acquisition would have a “huge” positive impact on the Lithuanian furniture industry.