Upholstery leader Natuzzi and foam specialist The Vita Group have entered an agreement whereby Vita Italy, a wholly owned subsidiary of The Vita Group, will acquire IMPE, 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 tonnes per annum.
The €6.1m sale (subject to customary purchase price adjustments and warranties) is expected to complete in Q1 2021, and is subject to customary closing conditions.
Natuzzi's chairman and CEO, Pasquale Natuzzi, comments: “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 co-operation 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) says: “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.”