July 16 (UPI) -- Swedish furniture giant Ikea announced Tuesday it will close its only U.S. factory in Virginia and shift operations to Europe, where costs are less expensive.
The plant opened in 2008 and has 300 employees, and focused mainly on wood shelves and storage units. Ikea said the costs of raw materials are more expensive in the United States. The shift could create new 11,500 jobs in Europe.