On 25 February 2019, Hasslacherles, UPM Chudovo, IKEA Industry Novgorod and the Administration of the Novgorod region have signed a 4-parties letter of intent aiming at securing wood sourcing for UPM, IKEA Industry and Hasslacherles sites located in the Novgorod region in Russia. HASSLACHERLES will lease a forest from the Novogod region and use coniferous species to increase the production volume of glued timber beams and agrees to sell other wood species to UPM and IKEA Industry. The commercial terms of the sale will be subject to separate agreements between the relevant parties. ...
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