Ikea wants a green future, investing in wind farms
Ikea, the Kamprad family-owned furniture multinational, has acquired six German wind farms from Spain-based wind turbine manufacturer Gamesa in a further attempt to reduce its carbon footprint.
The German wind farms are across four locations and have a combined capacity of 45.05 MW, enough to power around 17 Ikea stores. Germany is Ikea's largest market and accounted for 16% of the group's sales in 2009.
This move increases the number of farms owned by Ikea to 52 following its purchase four French wind farms last year. Financial details of the transaction were not disclosed. These farms produce approximately 10% of the Ikea Group's electricity consumption.
Ikea is at the forefront of multinational companies in attempting to reduce its carbon footprint and move towards a more sustainable future. According to the company's 2009 sustainability report, The Never Ending Job, one of its long-term aims is to supply all Ikea buildings with 100% renewable energy through initiatives such as investing in solar panels and wind farms.
The company is also attempting to reduce the carbon footprint throughout its supply chain and work with its suppliers as well. Ikea was named on the 2010 list of the world's 100 most ethical companies for its commitment to corporate social responsibility.
Ikea is privately owned by the founding Kamprad family through its family foundation the Stichting INGKA Foundation and had 2009 revenues of €21.5 billion. Ingvar Kamprad, Ikea founder, and his family are ranked 11th by Forbes on its 2010 annual list of billionaires with an estimated fortune of $23 billion.
Want to get the latest family business/family office news direct to your desktop? Click here to register to receive our weekly newsletter
Are you a member of a multigenerational family business or family office? Click here to subscribe to our magazines