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Haworth to sell Castelli and exit Italy

Saturday 21 January 2012

Haworth, the US office furniture group, has announced that it is disposing of Castelli and its Italian operations -- the first time the company has ever sold off one of its brands -- to German management company Mutares AG. Castelli, the Italian brand which can trace its roots back to the late 19th century, was the only brand which Haworth carried on using after acquiring it.
Haworth has said that the company will be trading with Mutares in Italy, which will be changing its name to Castelli after completion of the deal. Haworth will continue to sell the Castelli brand in Europe (outside Italy) and North America and it will remain an important part of the Haworth Collection, which also includes Poltrona Frau, Cassina and Cappellini.
"The acquisition of Haworth operations in Italy by Mutares will increase our organisational agility while maintaining our strong global presence" said Franco Bianchi, Haworth President & CEO. "Under this new arrangement, Castelli will have the opportunity to spread its wings and fully capitalize on a brand that has been around since 1877 while continuing to leverage Haworth's global products and distribution."
Dr. Axel Geuer, founder of Mutares and member of its executive board, said: "Based on its well established market presence and high level of design expertise, Castelli is excellently positioned to quickly exploit new areas of growth. Mutares is excited to own a company with such an esteemed brand and to partner with a global brand such as Haworth."

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