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21. January 2021

Natuzzi / The Vita Group: Agreement for the purchase of Italian foam manufacturer I.M.P.E. S.P.A.

Natuzzi S.p.A. and The Vita Group 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 20,000 t/y. The sale of I.M.P.E. S.p.A. is for a value of EUR 6.1 million, subject to customary purchase price adjustments and warranties. The transaction is expected to be completed in Q1 2021 and is subject to customary closing conditions.

Chairman and CEO, Pasquale Natuzzi, said: “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.”

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is said to be 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 said to be one of the European lifestyle best-known brands in the upholstered furnishings sector worldwide (Brand Awareness Monitoring Report – Ipsos 2018) and has been listed on the New York Stock Exchange since 13 May 1993. The company is ISO 9001 and 14001 certified (Quality and Environment), OHSAS 18001 certified (Safety on the Workplace) and FSC certified (Forest Stewardship Council).

The Vita Group is one of Europe’s leading flexible foam solutions providers. Vita develops, manufactures and markets a wide range of flexible polyurethane foam and Talalay latex and flooring products.

www.natuzzi.com
www.thevitagroup.com

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