Biggest Ikea Retailer To Invest 1 Billion In Recycling Firms

The investment arm of Ingka Group, the biggest global IKEA retailer, said it will invest 1 billion euros 1.03 billion into recycling companies as it aims to better manage the waste created when IKEA furniture, bedding or mattresses are thrown away and end up incinerated or in landfill.

The investment comes as the European Union is developing legislation that would charge retailers a fee for every textile or clothing item sold in the bloc, to raise money for sorting and recycling ever-increasing amounts of discarded textiles that are overwhelming waste management services.

Ingka Investments has earmarked around two-thirds of the money - 667 million euros - for new, as yet unannounced investments into recycling companies, with a particular focus on textiles.

The rest will be spent on further funding for companies Ingka has already invested in, including mattress recycling firm RetourMatras and plastics recycler Morssinkhof Rymoplast.