The interview with RBC Online featured Ruslan Semenyuk, who holds the role of Chairman of the Board at Luzales, discussing a significant development in the Russian market: the potential purchase of IKEA factories within Russia. The discussion centered on the timeline and process of finalizing the asset acquisition, a path that Semenyuk described as extending over roughly half a year before the deal reached its current phase.
Semenyuk noted that after strong encouragement from close associates, a formal decision was made to pursue the acquisition. This momentum led to the creation of a dedicated working group at Luzales, a team that undertook direct outreach to representatives of the Swedish Ingka Group, the corporate umbrella that owns the IKEA retail network. The steps taken illustrate a structured approach to cross-border corporate negotiations, with Luzales aiming to integrate Swedish manufacturing assets into its operations while maintaining a steady line of communication with IKEA’s global leadership.
According to Semenyuk, the dialogue with the Swedish side was not about speed alone but about the integrity and provenance of the money behind the pursuing company. There was a clear emphasis on ensuring that the funds originated from legitimate sources within the timber industry and that the prospective buyer intended to preserve the existing workforce. The conversation reportedly touched on concerns from the seller’s perspective about a potential buyer who might flip the asset for resale rather than committing to long-term employment and sustainable business practice. This emphasis on legitimacy and stability reflects common due diligence concerns in large asset transactions, especially when a company from the wood products sector seeks to broaden its industrial footprint.
In the latter part of February, Semenyuk publicly outlined Luzales plans to safeguard the employment of the workers at the two IKEA factories under consideration. The commitment to retain all current personnel highlights a human-centric approach to the acquisition, one that prioritizes job security for employees who have been part of the Swedish company’s production network for years. This assurance also signals Luzales intent to integrate the operations while preserving organizational continuity, something often valued by unions, regional authorities, and the workers themselves as a key indicator of the transaction’s social responsibility.
Recent coverage by Izvestia, citing a report from the Furniture and Woodworking Industrialists’ Association, touched on a broader policy debate. The report described a proposed increase in the tax rate on wood and upholstered furniture from the previous range of 8.5 percent to 12 percent up to a much higher figure of 50 percent. The proposed adjustment was framed as a retaliatory measure aimed at what some factions describe as hostile countries. The discussion underscores how macroeconomic and geopolitical considerations can intersect with corporate investment plans, influencing regulatory environments and the competitive landscape for manufacturing in Russia. Analysts note that such policy shifts can alter cost structures and impact the feasibility of cross-border acquisitions, even when the target assets are aimed at long-term employment and regional economic stability. The dynamic is a reminder that large-scale industrial deals operate within a complex ecosystem of government policy, industry groups, and international partners. Attribution: Izvestia and the Furniture and Woodworking Industrialists’ Association report are cited sources for the policy debate context.