Natuzzi S.p.A. and The Vita Group has 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 20k tonnes per annum.
The sale of I.M.P.E. S.p.A. is for a value of €6.1 million, subject to customary purchase price adjustments and warranties. The transaction is expected to be completed in the first quarter of 2021 and is subject to customary closing conditions.
Chairman and CEO, Pasquale Natuzzi, commented: “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 (pictured) 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.”