Lifetime Brands Completes Acquisition of Pomerantz and Design for Living Brands
GARDEN CITY, N.Y.--(BUSINESS WIRE)--April 26, 2007--Lifetime Brands, Inc. (Nasdaq: LCUT), a leading designer, developer and marketer of nationally branded consumer products for the home, has completed its acquisition of the Pomerantz(R) and Design for Living(R) brands and certain related assets from JP Products LLC and Design for Living LLC, respectively.
Chairman, President and Chief Executive Officer Jeffrey Siegel, commented, "The acquisitions represent another step in Lifetime's strategy of expanding our portfolio of high-quality, innovative brands. Both acquisitions will help us expand our existing presence in pantryware, a promising category for Lifetime."
Terms of the acquisitions were not announced. Lifetime expects both acquisitions to be nominally accretive for 2007.
Lifetime Brands is a leading designer, developer and marketer of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop, home decor, picture frames and bath accessories. The Company markets its products under some of the country's best known brands, including Farberware(R), KitchenAid(R), Pfaltzgraff(R), Cuisinart(R), Block(R) China and Crystal, Calvin Klein(R), CasaModa(R), Cuisine de France(R), Hoffritz(R), International Silver(R), Joseph Abboud(R), Kamenstein(R), Melannco(R), Nautica(R), Pedrini(R), Rochard(R), Roshco(R), Sabatier(R), Sasaki(R), Towle(R) Silversmiths, Tuttle(R), Wallace(R), and :USE(R). Lifetime's products are distributed through almost every major retailer in the United States.
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, 617-568-8148
Senior Vice President
chris.kasper@lifetimebrands.com
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777
hfried@lhai.com
SOURCE: Lifetime Brands, Inc.