Natuzzi to call back 90% temporarily laid off workers

SAN FRANCISCO (MarketWatch) -- Furniture manufacturer Natuzzi /zigman2/quotes/206283720/composite NTZ +2.42% said Monday that it will call back 90% of workers that were temporarily laid off at the factories in Italy last June. The workers will be brought back in beginning in October to reduce the order backlog accumulated during the summer when production was closed, as well as provide for the seasonal increase of the order flow. Natuzzi said while the recall is a positive move for the company, the market is "still difficult and uncertain." It also confirmed a previously announced restructuring plan aimed, in part, to reduce manufacturing costs in Italy.

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Natuzzi S.p.A. ADR

US : U.S.: NYSE

$ 7.89

+0.19 +2.42%

Volume: 1,201

Jan. 26, 2023 4:10p

P/E Ratio

12.00

Dividend Yield

N/A

Market Cap

$86.52 million

Rev. per Employee

$118,927