The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Wood And Of Products Of Wood And Cork, Except Furniture; Manufacture Of Articles Of Straw And Plaiting Materials 16.21 - Manufacture of veneer sheets and wood-based panels
350 jobs Number of planned job creations
Announcement Date
21 October 2005
Employment effect (start)
Foreseen end date
31 October 2007
Description
The furniture manufacturer Swedwood Romania, owned by the major global furniture retailer, Swedish group Ikea, will open a new furniture panels factory in Suceava county (Nord-Est region), cresting 350 new jobs in the process. The estimated output of the new factory is 40,000 panels per year. The investment is estimated to reach up to €35 million , with the final value depending on the price of land acquisition.
'According to our forecast, the investment is to be finalised by 2007. We are currently negotiating the acquisition price of the land. We have been discussing with local and county authorities, and will shortly decide on the exact location in the county of Suceava', declared the general manager of Swedwood Romania.
The group owns a furniture factory at Siret (Nord-Est region, Suceava county) manufacturing panel furniture, with the entire output exported to Ikea stores around the world. The construction of the factory was finalised in 1999, with a total investment of around €12 million.
Swedwood Romania reported a turnover for 2004 of around €15.6 million, 25% higher than in 2003.
Swedwood Romania is part of Swedwood International, established in 1991, and manufactures furniture for Ikea. Swedwood International has over 9,500 employees in 33 companies across 11 countries. So far, the Swedish group Ikea, with an annual turnover of €13 billion, has not invested in the retail sector in Romania.
Sources
21 October 2005: Ziarul Financiar
Citation
Eurofound (2005), Swedwood Romania, Business expansion in Romania, factsheet number 62428, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62428.
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