Lifetime Brands Acquires Mikasa
GARDEN CITY, N.Y.--(BUSINESS WIRE)--June 6, 2008--Lifetime Brands, Inc. (Nasdaq NM: LCUT), North America's leading resource for nationally branded kitchenware, tabletop and home decor products, today announced that it had acquired the business and certain assets of Mikasa, Inc. from Arc International SA.
Mikasa is a leading provider of dinnerware, crystal stemware, barware, flatware and decorative accessories. Mikasa's products are distributed through department stores, specialty stores and big box chains, as well as on the Internet at www.mikasaandcompany.com.
Jeffrey Siegel, Lifetime's Chairman, President and Chief Executive Officer, commented, "We are very pleased to add the Mikasa family of brands, including Mikasa(R), Celebrations by Mikasa(TM) and Gourmet Basics(R) by Mikasa, to our portfolio of distinctive tabletop brands. We expect that the annual revenue of our wholesale tabletop business should exceed $150 million in 2009."
The terms of the transaction were not announced. Lifetime intends to update its financial guidance for 2008 to include the effect of the acquisition, which is expected to be accretive to earnings beginning in 2008, when it reports its results for the three and six month periods ended June 30, 2008.
Arc International SA was advised in the transaction by Morgan Joseph & Co. Inc.
About Lifetime Brands, Inc.
Lifetime Brands is North America's leading resource for nationally branded kitchenware, tabletop and home decor products. The Company markets its products under many of the industry's best known brands, including Farberware(R), KitchenAid(R), Pfaltzgraff(R), Mikasa(R), Pfaltzgraff(R) Cuisinart(R), Block(R) China and Crystal, Calvin Klein(R), CasaModa(R), Cuisine de France(R), Gorham(R), Hoffritz(R), International(R) Silver, Joseph Abboud(TM), Kamenstein(R), Kirk Stieff(R), Melannco(R), Nautica(R), Pedrini(R), Roshco(R), Sabatier(R), Sasaki(R), Towle(R) Silversmiths, Tuttle(R), Wallace(R) and Vasconia(R). Lifetime's products are distributed through most major retailers in North America.
The information herein contains certain forward-looking statements including statements concerning the Company's future prospects. These statements involve risks and uncertainties, including risks relating to general economic conditions and risks relating to the Company's operations, such as the risk of loss of major customers and risks relating to changes in demand for the Company's products, as detailed from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT: Lifetime Brands, Inc.
Christian G. Kasper, 516-203-3590
Senior Vice President
chris.kasper@lifetimebrands.com
or
Investor Relations
Lippert/Heilshorn & Assoc.
Harriet Fried, 212-838-3777
hfried@lhai.com
SOURCE: Lifetime Brands, Inc.