[May 18, 2017] |
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Natuzzi Announces Unfavorable Court Ruling and Possible Need for Special Charge
Natuzzi S.p.A. (NYSE:NTZ) (the "Company") announces that, with reference
to the legal proceedings described in Note 21 included in Item 18 of the
Company's Annual Report on Form 20-F filed with Securities and Exchange
Commission on May 1, 2017, the Italian Supreme Court recently rejected
the Company's appeal of a lawsuit brought by two former employees and
ruled in favor of the plaintiffs (Decision No. 10844/17). The matter
concerns the implementation of the Cassa Integrazione Guadagni
Straordinaria, as provided for and subsidized by Italian Law and the
Italian Government.
The Company has been and will continue to evaluate the impact of the
decision on the Company's business organization and financial
statements. As a consequence of the decision, the existing reserve for "Provision
for tax and legal proceedings" included in the "Other liabilities"
caption will be materially increasedin the first quarter of 2017.
While, at this time, it is not possible to determine the ultimate
exposure that this may cause the Company, the board of directors will
continue to analyze the Company's strategies and evaluate the legal
implications of this decision, and it will apply adjustments to the
provision in the Company's forthcoming financial closing periods as
needed.
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 eight manufacturing plants, eleven commercial
offices and extensive global retail network. Natuzzi is the
Italian lifestyle and best-known brand in the furnishings sector
worldwide (Brand Awareness Monitoring Report - Ipsos 2015). Continuous
stylistic research, creativity, innovation, solid craftsmanship and
industrial know-how and integrated management throughout the entire
value chain are the mainstays that have made Natuzzi one of the few
players with global reach in the furniture market. Natuzzi S.p.A. has
been listed on the New York Stock Exchange since 13 May 1993. Always
committed to social responsibility and environmental sustainability,
Natuzzi is ISO 9001 and 14001 certified (Quality and Environment), OHSAS
18001 certified (Safety on the Workplace) and FSC certified (Forest
Stewardship Council).
View source version on businesswire.com: http://www.businesswire.com/news/home/20170518005730/en/
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