3. Russian Swedwood Tihvin (Leningrad-region owned by Swedish Swedwood industrial group) will launch in January-February 2005 a furniture mill in the city of Tihvin worth 12 million euro, company’s CEO Klas Bustrem told journalists Tuesday.

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Swedwood Tihvin Company to Launch in 2005 a Furniture Mill in Leningrad Region Worth 12 Million Euro

Nov 4, 2003. /Lesprom Network/. Russian Swedwood Tihvin (Leningrad-region owned by Swedish Swedwood industrial group) will launch in January-February 2005 a furniture mill in the city of Tihvin worth 12 million euro, company’s CEO Klas Bustrem told journalists Tuesday. The construction of the mill is to start in may 2004, CEO added. Presently Swedwood production includes a wide array of stages - from timber-felling to furniture units production sent to Sweden, Poland and Finland for final assembly. After the third-stage furniture mill construction is over, final assembly will be done in Tihvin. A smaller part of Tihvin furniture mill production will be supplied to Russian IKEA trade-centers, the major part will be exported. Swedewood investments in the new project reached 20 million euro by now. The first-stage furniture mill worth $15 million was launched in July 2002.The company expects to finish the project intended to double the production capacity to 250 thousand cub m/yr in November 2003 . Furniture units produced on Tihvin furniture mill are exported to IKEA mills in Sweden and Central Europe. Swedwood international industrial group was founded in 1991 and is owned by IKEA (Sweden). The company owns mills that produce furniture and furniture units and sawmills. Presently Swedwood group owns 36 enterprises in 12 countries.