THE BANK OF NEW YORK SELECTED FOR NEW SPONSORED ISSUE BY INDUSTRIE NATUZZI S.p.A.
NEW YORK, May 20 /PRNewswire/ -- The Bank of New York announced today that Industrie Natuzzi S.p.A. has selected the Bank as the depositary for its international public offering of $126 million through the issuance of 8.4 million American Depositary Shares (ADS). Industrie Natuzzi S.p.A., together with its subsidiaries, is principally engaged in the design, manufacture and marketing of contemporary leather-upholstered furniture, principally sofas, love- seats, armchairs, sectional furniture, motion furniture, and sofa beds. Headquartered in Santeramo, Italy, it is the world's largest manufacturer of leather-upholstered furniture and enjoys the leading market share in both the U.S. (20 percent) and Europe (3 percent). The ADSs trade on the New York Stock Exchange under the symbol NTZ. The Bank of New York is the world's largest depositary for American and Global Depositary Receipt facilities, which allow foreign companies to offer their dollar-denominated securities to investors in the United States. The Bank has increased its market position consistently so that by the end of 1992 it accounted for over 50 percent of all sponsored depositary receipt programs. The Bank currently issues depositary receipts for more than 649 non-U.S. companies representing 33 countries. The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), which is the seventeenth largest bank holding company in the United States, with total assets of $40.1 billion as of March 31, 1993. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities and Other Processing, Trust and Investment Management, and Financial Market Services. The company's stock is traded on the New York Stock Exchange under the symbol BK. -0- 5/20/93 /CONTACT: Michael M. Pascale, VP, 212-495-1041 or Kenneth A. Lopian, VP, American Depositary Receipts Division, 212-815-2084, both of The Bank of New York/ (BK)
CO: The Bank of New York; Industrie Natuzzi S.p.A. ST: New York IN: FIN SU:
WB -- NY088 -- 0864 05/20/93 14:55 EDT
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|Date:||May 20, 1993|
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