NATUZZI S.p.A. Signed an Indemnity Agreement with the Chinese Authority for the Natuzzi Factory Relocation
January 26 2011 - 8:00AM
Business Wire
Natuzzi S.p.A. (NYSE:NTZ), Italy’s largest furniture
manufacturer and world’s leading manufacturer of
leather-upholstered furniture, announced the signature of an
agreement with the Chinese Government to be indemnified, after a
request for relocation of one of its Chinese Natuzzi factories into
a new zone within the Shanghai district.
The Chinese Government had asked Natuzzi S.p.A. to move one of
its factories. The negotiation, for both relocation and
compensation, started mid 2009.
The Natuzzi Group, during last year, has completed the
construction of the new factory of about 88.000 SQM – twice the
size of its previous one - in an area known as “Minhang Export
Processing Zone” in Shanghai. This will permit the foreseen
production shift by May 2011, and to group in the new factory the
entire Chinese Natuzzi production within the next future.
The total indemnity is of 420 million Chinese Yuan
(approximately € 46 million at the today exchange rate). The
payment will be done by May 2011.
Pasquale Natuzzi, Chairman and CEO of Natuzzi S.p.A., commented:
“The negotiation with the Chinese Authority to relocate our factory
in a new site, has been undoubtedly long and tough, but at the same
time correct and transparent. I am pleased of the positive
conclusion and I thank the Chinese Authority with which we have
created respectful and collaborative relationship during the last
years”.
About NatuzziFounded in 1959 by Pasquale Natuzzi, Natuzzi
S.p.A. designs and manufactures a broad collection of residential
upholstered furniture. With consolidated revenues of EUR 515.4
million in 2009, Natuzzi is Italy's largest furniture manufacturer.
Natuzzi Group exports its innovative high-quality sofas and
armchairs to 130 markets on five continents under two brands,
Natuzzi and Italsofa. Cutting-edge design, superior Italian
craftsmanship and advanced, vertically integrated manufacturing
operations underpin the Company's market leadership. Natuzzi S.p.A.
has been listed on the New York Stock Exchange since May 1993. The
Company is ISO 9001 and 14001
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