Natuzzi S.p.A. (NYSE:NTZ) (the “Company”) appear that today it has active a collective adventure acceding (the “Joint Adventure Agreement”) with Kuka, beneath which the Company’s wholly-owned Chinese subsidiary, Natuzzi Trading (Shanghai) Co., Ltd. (the “Joint Venture”) would become a collective venture. The Collective Adventure Acceding is aimed at accretion the Company’s retail arrangement in China Mainland, Hong Kong and Macau (the “Territory”). Today, the Company, the Collective Adventure and Kuka accept additionally entered into an Acceding for the Sale and Purchase and Cable of Shares In Natuzzi Trading (Shanghai) Co, Ltd. (the “Share Purchase Agreement” and, calm with the Collective Adventure Agreement, the “Agreements”).
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The Agreements were active added to the beheading of a basic acceding on January 9, 2018. Beneath the Agreements, the Aggregation and Kuka will own, respectively, a 49% and a 51% pale in the Collective Venture. The Collective Adventure will administer Natuzzi Italia and Natuzzi Editions branded articles through a arrangement of single-brand anon operated food and franchised operated food in the Territory, as able-bodied as through online stores.
Kuka will advance a absolute of Euro 65 actor of which (a) Euro 35 actor will be contributed to the Collective Adventure for the cable of a basic access of U.S.$ 567,869 in the Collective Venture, and (b) Euro 30 actor will be paid to the Aggregation as application for the alteration of U.S.$ 486,744 of registered basic absorption from the Aggregation to Kuka.
Pursuant to the Agreements, the Collective Adventure will be accepted the abiding and absolute administration authorization for the Natuzzi Italia, Natuzzi Editions and added accordant trademarks by the Aggregation for a application of Euro 15 million. With account to these trademarks, the Aggregation will absorb the appropriate to use the Natuzzi Italia, Natuzzi Editions and added accordant trademarks for all of the Company’s absolute accomplishment activities, including those agitated out in the Territory and for the administration of the Company’s articles in countries added than the Territory.
The achievement of the transaction advised by the Agreements (the “Transaction”) is accountable to accepting any applicative authorizations, authoritative filings and approvals (including approval by Kuka’s shareholders of assertive agreements entered into by the Company, its accessory and the Collective Adventure in affiliation with the Transaction), as able-bodied as the achievement of added accepted closing conditions. Assuming these altitude are met, it is accepted that the closing will action by August 22, 2018.
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CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
Assertive statements set alternating in this columnist absolution aggregate advanced statements aural the acceptation of the safe anchorage accoutrement of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Barter Act of 1934, as amended. These statements absorb risks and uncertainties that could account the Company’s absolute after-effects to alter materially from those declared or adumbrated by such advanced statements. Added advice about the abeyant factors that could affect the Company’s business and banking after-effects is included in the Company’s filings with the Securities and Barter Commission, including the Company’s Annual Report on Form 20-F for the year concluded December 31, 2016. The Aggregation undertakes no obligation to amend any of the advanced statements afterwards the date of this columnist release.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s better appliance abode and one of the best important all-around amateur in the appliance industry with an all-encompassing accomplishment cast and a all-around retail network. Natuzzi S.p.A. is the Italian affairs best-known cast in the accoutrement area common (Brand Awareness Monitoring Report – Ipsos 2016) and has been listed on the New York Banal Barter back 13 May 1993. Always committed to amusing albatross and ecology sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), OHSAS 18001 certified (Safety on the Workplace) and FSC® certified (Forest Stewardship Council).
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Jason Appliance (Hangzhou) Co., Ltd. is originated from a carpenter branch founded in 1982. Now it is one of the better upholstery appliance manufacturers and retailers in China. The aggregation is mainly affianced in research, design, assembly and sales of the average and middle-high upholstery appliance acclimated in active room, dining allowance and bedroom. It has three above accomplishment bases in China, added than 3000 mono-brand food in China and overseas, accouterment the high-quality articles and casework for the all-around families. The aggregation was clearly listed on the Shanghai banal barter on October 14, 2016.
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