SANTERAMO IN COLLE, Italy–The Natuzzi Group announced yesterday that the company is investing €190 million (about $240 million) over a five-year-period to address “the sensitive recessionary period which certain markets are experiencing.”
The company said the overall reorganization plan is broken down into three areas: rationalizing resources and some facilities in Italy; strengthening investments in the product area; and focusing on research and development.
“I am confident that the measures we have adopted will allow us to take an increasingly stable and competitive position in the market,” said Pasquale Natuzzi, founder and chairman. “We offer an extraordinary product that is appreciated throughout the world, and this is our principle asset.”
On Monday, it was announced that Pasquale Natuzzi has assumed the leadership of the Group for the North American and Latin American markets following the exit of Fernando Di Gaetano, who has left the company.