Vita agrees to buy Natuzzi foam subsidiary
The Vita Group is to buy Natuzzi’s IMPE foam production subsidiary.
The foam and flooring group is paying €6.1m for the Naples company,
The site, which will be known as Vita Italy, manufactures. It
which has 32 employees and production capabilities of 20,000tonnes of polyurethane foam for the furniture and bedding industry in Italy a year.
‘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,’ says Ian Robb, The Vita Group group ceo.
‘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,’ says Pasquale Natuzzi, Natuzzi ceo.
The transaction is expected to be completed in the first quarter of 2021 with IMPE renamed Vita Italy.