IKEA Affiliate Buys Polish State Company
WARSAW, Poland (AP) _ An affiliate of the Swedish furniture company IKEA has bought 80 percent of a state wood-products factory, the Privatization Ministry announced Tuesday. The acquisition price was not disclosed at the buyer’s request.
Under the agreement, Swedwood Polen Fuprin Holgind II B.V., a member of the IKEA furniture concern, will inject 10 billion zlotys, worth about $574,000, into Szczecinski Przemysl Drzewny SA this year, and at least $5 million more by 1997.
The remaining 20 percent of shares in the newly-privatized company will be sold to its 905 employees.