CONFORMED
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant To Rule 13a-16 Or 15d-16
Of The
Securities Exchange Act of 1934
For the month of May 2005 Commission File Number 1-11854
NATUZZI S.p.A.
(Translation of Registrant's name into English)
Via Iazzitiello 47
70029 Santeramo, Italy
(Address of principal office)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
(Check One) Form 20-F x Form 40-F
--- ---
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
(Check One) Yes No X
--- ---
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b). 82-__.)
Natuzzi S.p.A. Announces a New Restructuring Plan to Reduce Expenses and Recover
Competitiveness
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 18,
2005--Natuzzi S.p.A (NYSE:NTZ)(the "Company"), world leader in leather
upholstery and Italy's largest furniture manufacturer, announces that
today its Board of Directors held an extraordinary session to examine
the first quarter 2005 preliminary figures and the new restructuring
plan prepared by the management.
Unfavorable currency conditions and the persistent pricing
pressure affecting the US market in particular, as well as the modest
economic growth still characterizing the European area, continued to
affect the demand for Natuzzi's products. Preliminary sales figures
for the first quarter of 2005 show that net upholstery sales decreased
14.0 percent to 145.7 million euros versus the same period of 2004.
Natuzzi expects sales of Natuzzi branded upholstered furniture to
decrease 18.4 percent and sales of Italsofa, the promotional brand, to
remain substantially flat. In terms of seats sold, Natuzzi expects a
13.1 percent decrease, with the Natuzzi brand selling 21.0 percent
units less than first quarter 2004 and sales of Italsofa units
increasing 1.8 percent.
In light of the above and in consideration of the decreasing order
flow for Natuzzi branded products and the ongoing efforts of the
Company to become more efficient and competitive, the Board approved a
new restructuring plan. The plan includes a temporary work force
reduction (cassa integrazione) of 1,320 positions, by the end of 2005,
in all departments across the Company, with a focus on reducing
manufacturing costs in Italy, increasing overall efficiencies and
improving productivity. More information will be available in the
first quarter 2005 earnings release scheduled on May 31, 2005.
Pasquale Natuzzi, CEO and Chairman of the Board, commented, "After
having carefully analyzed the current situation and the unstable
market outlook, we have decided to take further initiatives to control
costs. Natuzzi is a solid company, but we have to act rapidly in order
to be more competitive, recover profitability and regain market share
especially in the medium-high end of the market where we are investing
in the Natuzzi brand."
ABOUT NATUZZI S.P.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and
manufactures a broad collection of leather-upholstered residential
furniture.
Italy's largest furniture manufacturer, Natuzzi is the global
leader in the leather segment, exporting its innovative, high-quality
sofas and armchairs to 135 markets on 5 continents. Cutting-edge
design, superior Italian craftsmanship, and advanced,
vertically-integrated manufacturing operations underpin the Company's
market leadership.
Since 1990, Natuzzi has sold its furnishings in Italy through the
popular Divani & Divani by Natuzzi chain of 137 stores, which it
licenses to qualified furniture dealers. Outside Italy, the Company
sells to various furniture retailers, as well as through 129 licensed
Divani & Divani by Natuzzi and Natuzzi stores and 6 Kingdom of Leather
stores.
Natuzzi S.p.A. was listed on the New York Stock Exchange on May
13, 1993. The Company is ISO 9001 and 14001 certified.
www.natuzzi.com
CONTACT: Natuzzi S.p.A.
Investor Relations Department
Tel. +39 080 8820.812
E-mail: investor_relations@natuzzi.com
CONFORMED
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
NATUZZI S.p.A.
(Registrant)
Date: 18th May 2005 By: /s/ GIUSEPPE DESANTIS
---------------------
Giuseppe Desantis