lida Group Holdings Buys Majority Stake in Russian Forest Products
Iida Group Holdings (IGH), a leading Japanese real estate development firm, announced on Wednesday (12-8-21) that it has received Russian Government approval and is buying a majority stake (75%) in Russian Forest Products for nearly $530 million.
IGH says the acquisition will provide the company with access to one of the world’s largest forests, spanning roughly four million hectares in the Russian Far East. IGH says the timber can be transported to Japan in approximately three days.
IGH’s Senior Managing Director Tomishima Hiroshi says the takeover will help his company weather the global lumber shortage situation by ensuring a stable, long-term supply of quality material.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.