Natuzzi S.p.A. (the Company and, together with its subsidiaries, the Group) announced today the successful completion of the transaction contemplated by the agreement that the Company and the Vita Group (or Vita) entered into on January 8, 2021 (the Agreement).
Pursuant to the Agreement, Vita Italy S.r.l., a wholly-owned subsidiary of The Vita Group, has acquired, effective today, the entire share capital of I.M.P.E. S.p.A., a formerly wholly-owned subsidiary of the Company dedicated to the production of flexible polyurethane foam and based in Naples, Italy.
As previously disclosed, this transaction is part of the Companys strategy to review its value chain and streamline the Groups manufacturing processes, focusing on value-added activities within its Italian factories.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italys 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 Europes 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
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 involve risks and uncertainties that could cause the Companys actual results to differ materially from those stated or implied by such forward-looking statements. Additional information about potential factors that could affect the Companys business and financial results is included in the Companys filings with the U.S. Securities and Exchange Commission, including the Companys most recent Annual Report on Form 20-F. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release.
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