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Timber! Ikea Buys Forests in Romania & The Baltics

7/31/15 11:19 AM EDT
Ikea is making moves to gain control over its raw materials. The flat pack furniture giant has purchased woodland in Romania and the Baltics in order to coordinate its own forestry management and wood production. The Swedish company's investment will allow the retailer to stabilize its timber costs, at a time when prices are on the rise. Ikea has been vocal about its commitment to sustainable and low cost production. Back in 2012 it announced a sales target of $55 billion by 2020, almost double its production volume requirements. The company's forest acquisition in the Baltic states totals almost 10,000 acres and according to reports Ikea is also looking to buy in several other other markets. At its current rate the furniture giant uses around 530 million cubic feet of wood a year, minus its cardboard and packaging requirements.
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