Natuzzi Announces the Closing of the Sale of Impe S.p.A. to the Vita Group

Rhea-AI Summary

Natuzzi S.p.A. successfully completed its agreement with The Vita Group, which was initiated on January 8, 2021. As part of this transaction, Vita Italy S.r.l. acquired I.M.P.E. S.p.A., a former subsidiary of Natuzzi that produced flexible polyurethane foam, located in Naples, Italy. This move is aligned with Natuzzi's strategy to optimize its value chain and enhance manufacturing efficiency within its Italian factories, focusing on value-added activities.

Positive

• Successful acquisition of I.M.P.E. S.p.A. by The Vita Group enhances strategic focus.
• Streamlining of operations to increase efficiency and value-added activities.

Negative

• None.

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 Company’s strategy to review its value chain and streamline the Group’s manufacturing processes, focusing on value-added activities within its Italian factories.

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

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 Company’s actual results to differ materially from those stated or implied by such forward-looking statements. Additional information about potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210301005764/en/

FAQ

What is the significance of Natuzzi's acquisition by The Vita Group?

This acquisition allows Natuzzi to streamline its manufacturing processes and focus on value-added activities.

When was the agreement between Natuzzi and The Vita Group established?

The agreement was established on January 8, 2021.

What company did Vita Italy S.r.l. acquire from Natuzzi?

Vita Italy S.r.l. acquired I.M.P.E. S.p.A., a former subsidiary specializing in flexible polyurethane foam.

How does this acquisition affect Natuzzi's business strategy?

The acquisition is a part of Natuzzi's strategy to optimize its value chain and enhance operational efficiency.

Where is I.M.P.E. S.p.A. located?

I.M.P.E. S.p.A. is based in Naples, Italy.