IKEA Group to invest in Estonian forest portfolio, eyes regional value chain growth
The Estonian timber industry is getting more and more world-class companies on board, thanks to its sustainable forestry practices, strategic location, and strong infrastructure. This week, Ingka Investments, IKEA Group’s investment arm, has secured approval to purchase 153,000 hectares of Baltic forest land for €720M, reports ERR.
The Estonian Competition Authority has approved the acquisition of forest assets from Swedish-owned Södra Forest Estonia, which encompasses 18,000 hectares in Estonia and 135,000 hectares in Latvia.
The transaction is described as a strategic move by IKEA to strengthen control over its wood supply chain, while also committing to regional value creation. Tauno Kusma, forestland country manager at Ingka Investments Estonia, said the company aims to increase the proportion of wood processed locally to strengthen the Baltic forestry value chain.
Read full announcement (external link)
Originally published on 4 Dec
Announcements are published as a service to readers. The sender is responsible for all content. Announcements for publication can be submitted to announcements@thehanseatic.com.
The coalition parties have agreed that either the state or Elering will support the construction of energy storage capacities. The Ministry of Climate historically believed energy storage would be built on market demand. The Ministry of Education and Research, Kristina Kallas stated, “If we purchase offshore wind energy on a large scale and develop these capabilities, we must also ensure that we have the infrastructure for long duration energy storage.” She emphasised that constructing an offshore wind facility without appropriate energy storage poses a significant risk of energy being exported.
Read full announcement (external link)
Originally published on 27 Jan
The Estonian Ministry of Economic Affairs and Communications has announced the launch of a €100 million Defence Fund, established to support the development of innovative defence and security capabilities to meet the growing global demand for new solutions. Managed by national fund manager SmartCap, the fund will provide direct investments to defence companies and funds investing in military and dual-use technologies.
Read full announcement (external link)
Originally published on 21 Jan
Doubts have been raised about Energiø Bornholm’s relevance and economy, but the project has never been more important. Besides being a crucial project in the European fight against climate change, the energy island has every opportunity to become a good business for Denmark.
Read full announcement (external link)
Originally published on 15 Jan
US healthcare products manufacturer Hollister Incorporated is expanding its Lithuanian operations. This month, the company has officially opened its financial services center, Hollister SSC Lithuania, complementing its manufacturing facility, Hollister Lietuva, located in the Kaunas Free Economic Zone. Building on this growth, the company has announced plans to establish a new product development (NPD) center at its Lithuanian facility later in the year.
Read full announcement (external link)
Originally published on 14 Jan
Estonia opened the first Business Hub in U.S. Located at the Embassy of Estonia in Washington, D.C., the Business Hub will serve as a bridge between Estonian companies and the vast business opportunities in the U.S. market. A delegation of Estonian defence industry innovators was present at the opening event, also attending the annual AUSA conference.
Read full announcement (external link)
Originally published on 17 Oct