Safilo Signs Solidarity Agreement With Italian Unions

PADUA, Italy— Safilo Group (SFL.MI) has announced that it has signed a solidarity agreement with the Italian Unions at the offices of the Ministry of Employment and Social Security in Rome in order to best manage the personnel redundancies caused by the non-renewal of the Armani license announced on May 11, 2012.

“The signing of this agreement represents an important step for Safilo and for all its stakeholders,” said Roberto Vedovotto, CEO of Safilo Group, “as it allows the group to address the unavoidable difficulties arising from the non-renewal of such an important license with a solution that satisfies both the social implications, above all with reference to maintaining jobs, and the company requirements of competitiveness, efficiency and value creation.”

According to Safilo, the agreement “fully reproduces the contents of the preliminary agreement signed and announced on June 15, 2012, and further illustrates the related operational details, with specific regards to work organization and the way in which the reduction of working hours and shifts will be implemented.”

The agreement, based on the principle that “Made in Italy” is and will always be a fundamental part of Safilo’s DNA, calls for an extensive use of solidarity contracts for a period of 24 months, and foresees a considerable increase in levels of flexibility and a recovery of production efficiency achieved through training programs, requalification of the work force and a selective investment program, the company said.