Short-term Actions Anticipated in Response to Recent Global Economic Challenges
August 12 2019 - 5:30AM
Business Wire
Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the
“Company”):
The increase in customs tariffs imposed by the United States on
goods produced in China have generated new challenges for our
Company. In response, Natuzzi is taking steps to implement changes
in its business model aimed at delivering greater value to
customers, clients and shareholders.
The details of our revised business plan are expected to be
communicated in September.
Broadly, the business plan includes:
- extending our Natuzzi-branded distribution and retail
operations in key geographical areas
- revising the existing value chain and streamlining processes,
structures and operations
- delivering greater value to our customers and reorganizing the
company to meet the demands of evolving markets.
Natuzzi expects to implement a set of initiatives consistent
with the business plan:
- beginning the process of selling non-strategic assets to fuel
retail development
- reshaping manufacturing operations
- obtaining financial support from Invitalia, including funding
for innovation measures and workers’ training
- exploring new commercial partnerships in different
countries.
Pasquale Natuzzi, Chairman and CEO, stated: “In the business
plan that we will be presenting in September, we include a series
of actions to extend our direct-to-consumer operations and the
revision of our value chain.
We are planning a series of initiatives, including the sale of
non-strategic assets, the revision of our manufacturing
configuration in Europe, China and Brazil, reducing unnecessary
capacity and pursuing alternative manufacturing strategies.
Alongside this, we’ve put in place further building blocks for
future growth. We have started negotiations with major parties to
expand our distribution and retail network in key geographies. We
have been granted financial support by Invitalia that includes
investments for productivity improvement. We are developing digital
solutions aimed at retail development and operational efficiency.
We have started to introduce new skilled managers in order to grow
consistently with the markets we see evolving.
We have a comprehensive set of plans and we’re focused on
executing them well. We are proud that the Natuzzi brand is
recognized globally for its outstanding products and services, and
we are confident we have the right assets and capabilities to
ensure the creation of long-term growth opportunities and
capitalize on the new positions we are building.”
_______________________________________________________________________________
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS
Certain statements set forth 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, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements involve risks and uncertainties that
could cause Natuzzi’s actual results to differ materially from
those stated or implied by such forward-looking statements. More
information about the potential factors that could affect Natuzzi’s
business and financial results is included in the company’s filings
with the Securities and Exchange Commission, including the
company’s most recent Annual Report on Form 20-F. Natuzzi
undertakes no obligation to update any of the forward-looking
statements after the date of this press release.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. (together
with its consolidated subsidiaries, “Natuzzi”) 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 best-known European lifestyle
brand in the upholstered furnishings sector worldwide (Brand
Awareness Monitoring Report - Ipsos 2018). It has been listed on
the New York Stock Exchange since May 13, 1993. Always committed to
social responsibility and environmental sustainability, Natuzzi is
ISO 9001 and 14001 certified (Quality and Environment), OHSAS 18001
certified (Safety on the Workplace) and FSC® certified (Forest
Stewardship Council).
https://www.natuzzigroup.com/en-EN/ir/presentation.html
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version on businesswire.com: https://www.businesswire.com/news/home/20190812005215/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
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