Russia's leading aluminum producer RusAl (Russian Aluminum) has signed an agreement with the Swedish retailer IKEA for supplies of non-stick frying pans on November 14, RusAl's official reported. He noted that the volume of supplies could be increased from the initial 280,000 pans to 1.5 million a year. The value of the contract has not been disclosed. However, experts estimate it at about $2.5-3.5m. All the products supplied by RusAl to IKEA will be sold in Russia.
The RusAl's representative commented on this deal and mentioned the long process of negotiations. He explained that the most complicated thing was to meet the tough demands of IKEA, namely the high quality of products at relatively low prices and the strict observance of the supply schedule.
As of now, IKEA is working with about 50 Russian suppliers and their number is going to be increased by two or three times in the near future, the Vremya Novostey newspaper reported.