OREANDA-NEWS  Invest Plus LLC, the current owner of the former Swedish IKEA plant in Veliky Novgorod (currently Extrovert LLC is the legal entity of the plant), plans to modernize and expand furniture production, the press service of the regional government reports.

The agreement on the implementation of the project was signed by Andrey Nikitin, Governor of the Novgorod Region, and Vadim Osipov, CEO of Extrovert LLC, at the SPIEF site on Wednesday.

Investments in the project will amount to about 2.2 billion rubles.

"Now this company has serious ambitions to conquer the Russian market. Colleagues are increasing flexibility, increasing their production capabilities - they do not just produce one product, but a wide range," the press service quotes the head of the region.

The modernization of the enterprise will ensure an increase in labor productivity and will allow the production of furniture slabs with special properties. The company also plans to develop the production of furniture components and components, for which additional funds will be allocated.

"For us, the task at the plant is to deepen the volume of processing of particle board. Thus, we are creating a platform for the development of the applied creative industry and a platform for the development of the furniture industry in Russia," Osipov's words are quoted in the message.

Extrovert has a factory for the production of laminated chipboard (chipboard) and a cabinet furniture factory. The production capacity of the chipboard plant exceeds 500 thousand cubic meters per year of polished chipboard, the cabinet furniture factory - more than 7 million cabinets and kitchen furniture per year. The company's products are used in the furniture industry, for interior decoration, in transport, door manufacturing, and for exterior decoration of buildings.

Invest Plus LLC (Leningrad Region) is the SPV company of the General Director and co-owner of the Slotex Group of Companies (St. Petersburg) Vadim Osipov. It was registered in September 2022, and at the end of March 2023 completed the purchase of Ikea Industry Novgorod LLC. In June 2023, the company restarted the production of chipboard at the LLC plant.

According to an extract from the Unified State Register of Legal Entities, 99% of the authorized capital of Invest Plus belongs to Osipov, another 1% belongs to Valentina Osipova.