SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--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 increased in 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).