Natuzzi S.p.A. Calls Back about 90% of the Workers Temporarily Laid off at the Italian Factories
September 26 2005 - 10:10AM
Business Wire
Natuzzi S.p.A (NYSE: NTZ), world leader in leather upholstery and
Italy's largest furniture manufacturer, informs that starting from
the second half of October 2005 it will call back about 90% of the
workers that were temporarily laid off at the Italian factories
("Cassa Integrazione") from last June. The Group, in fact, plans to
fully re-utilize the production capacity in its plants located in
the Southern area of Italy, namely Puglia and Basilicata, in order
to reduce the order back log accumulated during the production
summer closing and provide for the seasonal increase of the order
flow reported in the last 2005 quarter. Pasquale Natuzzi, CEO and
Chairman of the Board, commented, "The recall from Cassa
Integrazione is a positive signal for our Company, but the market
is still difficult and uncertain". "The goals of the Restructuring
Plan announced last May" added Pasquale Natuzzi "are confirmed:
Reduce manufacturing costs in Italy, improve productivity and
increase overall efficiencies so to become more competitive,
recover profitability and regain market share especially in the
medium-high end of the market where we are investing in the Natuzzi
brand. At the October market at High Point in United States Natuzzi
will present its new and charming collection that has already
received encouraging comments from our customers." ABOUT NATUZZI
S.P.A. Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs
and manufactures a broad collection of leather-upholstered
residential furniture. Italy's largest furniture manufacturer,
Natuzzi is the global leader in the leather segment, exporting its
innovative, high-quality sofas and armchairs to 135 markets on 5
continents. Cutting-edge design, superior Italian craftsmanship,
and advanced, vertically-integrated manufacturing operations
underpin the Company's market leadership. Since 1990, Natuzzi has
sold its furnishings in Italy through the popular Divani &
Divani by Natuzzi chain of 136 stores, which it licenses to
qualified furniture dealers. Outside Italy, the Company sells to
various furniture retailers, as well as through 145 licensed Divani
& Divani by Natuzzi and Natuzzi stores, including 6 Kingdom of
Leather stores. Natuzzi S.p.A. was listed on the New York Stock
Exchange on May 13, 1993. The Company is ISO 9001 and 14001
certified.
Natuzzi S P A (NYSE:NTZ)
Historical Stock Chart
From May 2024 to Jun 2024
Natuzzi S P A (NYSE:NTZ)
Historical Stock Chart
From Jun 2023 to Jun 2024