Funds were granted with state guarantee issued within the COVID-19 state aid scheme intended for large companies, which covers 90% of the financing.
Natuzzi entered the Romanian market in 2001, when it started the construction of a 76,000- square meter factory in Baia Mare (north-western Romania), which entailed investments of over EUR38 million. Most products made at the factory are exported to markets such as Germany, UK, France and Spain, per data previously provided by the company.
The company’s turnover fell 6% on the year in 2020, due to the crisis triggered by the COVID-19 pandemic. Its profit of RON7.8 million was also lower than in 2019, but its staff numbers grew to 1,060 in 2020, from 1,003 in 2019.
Francesco Stasolla, general manager of Italsofa Romania, said the new financing facility provided by EximBank supports investments and the positive cash flow obtained by the Group during this difficult period.
Natuzzi factory is part of the largest businesses in the Romanian furniture industry by turnover, and in Maramures County, which has become a furniture manufacturing hub. Natuzzi Group was established in 1959 by Pasquale Natuzzi.
Italsofa has an investment budget of RON1.7 million for 2021.