IKEA buys 17,000 acres of forestland in SC

Around the South

The Ingka Group, the parent company of IKEA, announced investments in South Carolina’s forestry.

Ingka Holding B.V. and its controlled entities has made a new acquisition of approximately 17,000 acres of forestland located in South Carolina across the counties of Georgetown, Williamsburg, Clarendon. With this new investment, the Ingka forestry portfolio in the US has reached 64,000 acres, including additional locations in Alabama (25,000 acres) and Texas (22,000 acres). 

“This new acquisition marks a strong foundation for us to invest in the lower coastal plain of South Carolina, where the forestland offers both quality wood and good regeneration capacities”, says Krister Mattsson, Managing Director Ingka Investments.

“We are actively looking to increase our portfolio in the US, as we see a good match between what the market has to offer and our high standards related to responsible forest management.”

The company’s high forestry management standards mandates that more trees are planted than harvested, according to a statement from the company. In February, the Forest Stewardship Council (FSC) awarded certification for responsible forest management of the properties Ingka owns in the US.

This new acquisition is the latest in a series of significant investments the Ingka Group has made in the U.S., where they currently operate 50 IKEA stores, 10 distribution and customer fulfillment centers, and one IKEA Planning Studio, which opened in Manhattan in April.

For more stories like this that matter to you, click here to download the CBS 17 News app for free.

Watch live newscasts, get breaking news and sign up for push alerts – download now

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss