Natuzzi and The Vita Group Enter Into Agreement for the Purchase of I.M.P.E. S.p.A., an Italian Foam Manufacturer
January 08 2021 - 4:30PM
Business Wire
Today, Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi”) and The Vita Group
(or “Vita”) announced that they have entered into an agreement
whereby Vita Italy S.r.l., a wholly owned subsidiary of The Vita
Group, will acquire I.M.P.E. S.p.A., a wholly owned subsidiary of
Natuzzi based in Naples, Italy.
The site, which will be known as Vita Italy, manufactures
polyurethane foam for the furniture and bedding industry in Italy.
It has 32 employees and production capabilities of 20k tonnes per
annum.
The sale of I.M.P.E. S.p.A. is for a value of €6.1 million,
subject to customary purchase price adjustments and warranties. The
transaction is expected to be completed in the first quarter of
2021 and is subject to customary closing conditions.
Chairman and CEO, Pasquale Natuzzi, commented: “The agreement is
part of the Company’s strategy to review its value chain and
reshape the Group’s manufacturing configuration. With this
agreement, we have posed the basis for a business cooperation with
an international group, such as Vita, whose contribution will be
beneficial to our operations.”
Speaking on behalf of The Vita Group, Group CEO Ian Robb said:
“This acquisition constitutes a step in our ambition to broaden our
production footprint across Europe. We believe this is a win-win
transaction for all parties and allows Vita to gain an established
foothold in this important market. It is a highly respected
company, with an experienced workforce and we look forward to
working with this team to support our customers and build our
presence in the Italian furniture market.”
About Natuzzi
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s
largest furniture house and one of the most important global
players in the furniture industry with an extensive manufacturing
footprint and a global retail network. Natuzzi is the European
lifestyle best-known brand in the upholstered furnishings sector
worldwide (Brand Awareness Monitoring Report - Ipsos 2018) and has
been listed on the New York Stock Exchange since May 13, 1993.
Always committed to social responsibility and environmental
sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified
(Quality and Environment), OHSAS 18001 certified (Safety on the
Workplace) and FSC® certified (Forest Stewardship Council).
About The Vita Group
The Vita Group is Europe’s leading flexible foam solutions
provider. Built on 70 years of heritage, Vita develops,
manufactures and markets a wide range of value added and
differentiated flexible polyurethane foam and Talalay latex and
flooring products.
Vita's three divisions – Comfort, Technical and Flooring – cater
for customers across a broad set of industries including
Bed-in-the-Box mattresses and bedding, furniture, hygiene and
medical, mobility, construction and flooring. The company's
pan-European operating base is well positioned to serve local,
regional and multi-national customers across Europe and provide
innovative and value-added products and applications across the
world.
Vita has responded to the urgent need for products and materials
to support healthcare, care homes, medical and hygiene applications
during the COVID-19 emergency. The Company is currently delivering
products for medical mattresses, filters for ventilators, PPE mask
inserts, and many other healthcare relate products. For more
information, please visit www.thevitagroup.com
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
REGARDING NATUZZI
Certain statements included in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include, but are not limited to, statements regarding
the intended sale of I.M.P.E. S.p.A. or the likelihood or timing of
the contemplated transaction. Important factors that may cause
actual results to differ include, but are not limited to: (i) the
ability of Natuzzi to successfully complete the sale of I.M.P.E.
S.p.A.; (ii) failure to satisfy any of the closing conditions to
the proposed transaction; (iii) the length of time necessary to
consummate the proposed transaction, which may be longer than
anticipated for various reasons; and (iv) unexpected costs or
liabilities that may arise from the sale of I.M.P.E. S.p.A. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties that affect Natuzzi’s business, including those
described in the “Risk Factors” section of Natuzzi’s most recent
Annual Report on Form 20-F. Natuzzi undertakes no obligation to
update the information contained in this press release to reflect
subsequently occurring events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20210108005535/en/
Natuzzi Investor Relations Piero Direnzo | tel.
+39.080.8820.812 | pdirenzo@natuzzi.com
Natuzzi Corporate Communication Vito Basile (Press
Office) | tel. +39.080.8820.676 | vbasile@natuzzi.com
The Vita Group Alison Vesey – Corporate Marketing &
PR Manager alison.vesey@thevitagroup.com
Gilbert Davids – Managing Director Comfort Division
gilbert.davids@thevitagroup.com
Tomas Stachura – Regional Director South Europe
tom.stachura@thevitagroup.com
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