Inter IKEA Group has signed an agreement to acquire its first forestland in Latvia, marking a significant step in its commitment to responsible forest management. The acquisition, set to close in December 2024, includes approximately 8,080 hectares of land across various regions of Latvia. This move will enable IKEA to better manage a portion of its wood supply in the Baltics, fostering more sustainable and responsible forestry practices within its supply chain.

The seller is Skogsfond Baltikum AB, and the deal will allow IKEA to collaborate with local businesses, communities, and authorities to promote responsible forest management. This includes exploring innovative practices for enhancing climate resilience and biodiversity.

Bruno Mariani Piana, Global Forest Investments Manager at Inter IKEA Group, emphasized that owning forestland strengthens their commitment to ensuring a positive environmental and economic impact. The land will be managed according to FSC certification standards and IKEA’s IWAY supplier code of conduct, ensuring responsible forest management and preventing deforestation.

This acquisition is part of IKEA’s broader Forest Agenda, which includes partnerships with local communities, businesses, and NGOs to make responsible forest management the global norm.