Natuzzi S.p.A. Announces Closing of the Joint Venture with Kuka Furniture (Ningbo) Co., Ltd. (“Kuka”)
July 27 2018 - 8:57AM
Business Wire
Natuzzi S.p.A. (NYSE:NTZ) (the “Company”) announced that
completion of the transactions contemplated by the joint venture
agreement between the Company and Kuka took place today (the
“Closing”). Kuka is a wholly-owned subsidiary of Jason Furniture
(Hangzhou) Co., Ltd., to which all of the rights, obligations, and
liabilities of Jason Furniture (Hangzhou) Co., Ltd. under the joint
venture agreement signed with the Company on March 22, 2018 were
transferred.
As a result of the Closing, the Company’s wholly-owned Chinese
subsidiary, Natuzzi Trading (Shanghai) Co., Ltd. (“Trading Co.”)
has become a joint venture in which each of the Company and Kuka
now owns a 49% and a 51% stake, respectively. Kuka invested €65
million to acquire its stake in Trading Co.
As already disclosed, this partnership is aimed at expanding the
Company’s retail network in Mainland China, Hong Kong and Macau
(the “Territory”). Trading Co. will distribute the Natuzzi Italia
and Natuzzi Editions branded products through a network of
single-brand directly operated stores and franchised operated
stores in the Territory, as well as through online stores.
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About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s
largest furniture house and one of the most important global player
in the furniture industry with an extensive manufacturing footprint
and a global retail network. Natuzzi is the Italian lifestyle
best-known brand in the furnishings sector worldwide (Brand
Awareness Monitoring Report - Ipsos 2016) and has been listed on
the New York Stock Exchange since 13 May 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).
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About Kuka (Kuka Furniture (Ningbo) Co., Ltd. Holding
company)
The company is originated from a carpenter workshop founded in
1982. Now it is one of the largest upholstery furniture
manufacturers and retailers in China. The company is mainly engaged
in research, design, production and sales of the middle and
middle-high upholstery furniture used in living room, dining room
and bedroom. It has three major manufacturing bases in China, more
than 3000 mono-brand stores in China and overseas, providing the
high-quality products and services for the global families.
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version on businesswire.com: https://www.businesswire.com/news/home/20180727005340/en/
NATUZZI INVESTOR RELATIONSPiero Direnzo, tel.
+39.080.8820.812pdirenzo@natuzzi.comorNATUZZI CORPORATE
COMMUNICATIONVito Basile (Press Office), tel.
+39.080.8820.676vbasile@natuzzi.com
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