886384 Natuzzi SpA (ADR)

Natuzzi S.p.A. Announces Closing of the Joint Venture with Kuka Furniture (Ningbo) Co., Ltd. (“Kuka”)

SANTERAMO IN COLLE, Bari, Italy--(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.

------------------------------

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).

------------------------------

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.

------------------------------

EN
27/07/2018

Underlying

886384Natuzzi SpA (ADR)

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Natuzzi SpA (ADR)

 PRESS RELEASE
Free
886384 Natuzzi SpA (AD...

Natuzzi S.p.A. Announces Revised Dates for the Fourth Quarter and Full...

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company”) announced today revised dates for the fourth quarter and full year 2018 financial results and conference call, which were previously scheduled both for Friday March 29, 2019. The Company will disclose its fourth quarter and full year 2018 financial results on Wednesday April 10, 2019, after the close of trading on the New York Stock Exchange. The Company will now host the conference call on Thursday April...

April 4, 2019 1 EN
 PRESS RELEASE
Free
886384 Natuzzi SpA (AD...

Natuzzi Announced a Delay in Publishing Its Unaudited Preliminary Cons...

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A (NYSE: NTZ) (the “Company”) today announced a delay in publishing its unaudited preliminary consolidated financial results for the fourth quarter and full year 2018 from the date originally announced. The delay results from the Company’s previously announced transition from Italian generally accepted accounting principles to International Financial Reporting Standards (“IFRS”). The Company requires additional time to finalize its unaudited preliminary consolidated fina...

March 29, 2019 1 EN
 PRESS RELEASE
Free
886384 Natuzzi SpA (AD...

Natuzzi S.p.A. Fourth Quarter and Full Year 2018 Financial Results and...

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or “the Company”) will disclose fourth quarter and full year 2018 financial results on Friday March 29, 2019 before the market opens. The Company will host a conference call on the same day, Friday March 29, 2019 at 12:00 (noon) U.S. Eastern Time (5.00 p.m. Italian time, or 4.00 p.m. UK time) to discuss financial results. The dial-in phone numbers for the live conference call are (toll-free) for persons calling from the U.S. or ...

March 13, 2019 1 EN
 PRESS RELEASE
Free
886384 Natuzzi SpA (AD...

Natuzzi Regains Compliance with NYSE Continued Listing Standards for A...

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company”) announced today that it has regained compliance with the minimum average closing price criteria required by the New York Stock Exchange (the “NYSE”) for continued listing of the Company’s American Depositary Receipts (“ADRs”). As previously disclosed, the Company received a notice from the NYSE on December 26, 2018 that the Company was not in compliance with the NYSE continued listing standards requiring a listed security to ma...

March 4, 2019 1 EN
 PRESS RELEASE
Free
886384 Natuzzi SpA (AD...

Natuzzi S.P.A. Announces ADR-to-Share Ratio Change

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A. (NYSE:NTZ): ADR-to-Share Ratio Change Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or the “Company”) announced today that its Board of Directors (the “Board”) has approved a change in the ratio of its American Depositary Receipts (the “ADRs”) to ordinary shares, par value €1.00 per share (the “Shares”), from one (1) ADR representing one (1) Share, to one (1) ADR representing five (5) Shares (the “Ratio Change”). The effective date of the Ratio Change (the ...

February 8, 2019 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch