IKEA Group acquires 25,000 acre forest in Alabama
Swedish furniture giant IKEA acquired its first U.S. forest, covering approximately 25,000 acres in Lowndes County, Alabama.
The investment in forestry is part of a broader strategy to invest in the sustainable production of resources that the Group consumes directly (such as energy) or indirectly through its products such as wood and recycled materials. IKEA Group also owns more than 250,000 acres of forest land in Europe, mostly in Romania and the Baltic States.
"As a responsible forest owner, we are interested in identifying and applying sustainable management methods that will allow us to preserve and even increase the quality of the forest over time," said Krister Mattsson, head of Financial Asset Management, IKEA Group. "Entering the U.S. market is a milestone for our investments in forests, and we believe we will learn a lot here while implementing our long-term approach to forest management and applying for the Forest Stewardship Council (FSC) certification."
This new acquisition is in addition to several other significant investments IKEA Group has recently made in the U.S., where they currently operate 47 stores and seven distribution centres.
Campbell Global will help to oversee and manage the new acquisition in Alabama.
Source: Lesprom Network