Good news for Poltrona Frau as US group agrees takeo - leatherbiz: Lea Leatherbiz

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Good news for Poltrona Frau as US group agrees takeover

05/02/2014
US office furnisher Haworth has bought a majority share of furniture maker Poltrona Frau, which should bolster production levels at its Italian factories.

Franco Moschini, president of Poltrona Frau, said the deal was "the realisation of a big dream". 

Haworth bought the shares from the major shareholders Charme Investments, Ferrari chairman Luca Cordero di Montezemolo's holding company, and Italian investor Moschini and plans to bid for the rest of the shares and then take Poltrona off the Milan stock exchange.

Last year, Poltrona said it was looking for new partners and investors after being approached by Fiat to make seats for its Chrysler 300 sedan.

Haworth, which employs 6,000 staff and has 600 dealers worldwide, had revenues of $1.4 billion while Poltrona Frau made EUR 247 million in 2012.




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