Lifetime Brands Completes Pfaltzgraff Acquisition
WESTBURY, N.Y., Jul 11, 2005 (BUSINESS WIRE) -- LIFETIME BRANDS, INC. (NASDAQ NM: LCUT), a leading designer, marketer and distributor of nationally branded consumer products for the home, today announced the closing of its acquisition of the business and certain assets of The Pfaltzgraff Co., one of America's foremost designers and marketers of dinnerware and tabletop accessories.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "We are very pleased to have completed an acquisition that offers so many opportunities to expand and strengthen Lifetime's business. One of the most recognizable companies in housewares, Pfaltzgraff adds an immediate and powerful presence to the tabletop category of our business."
Established in 1811, Pfaltzgraff had sales in 2004 of approximately $148 million. Its products are broadly distributed through retail chains and sold through company-owned factory stores as well as through Internet and catalog operations. The acquisition did not include the purchase of Pfaltzgraff's Thomasville, PA manufacturing facility.
Lifetime Brands is a leading designer, marketer and distributor of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop and bath accessories, marketing its products under various trade names, including Farberware(R), KitchenAid(R), Cuisinart(R), Hoffritz(R), Sabatier(R), DBK(TM)-Daniel Boulud Kitchen, Joseph Abboud Environments(R), Roshco(R), Baker's Advantage(R), Kamenstein(R), CasaModa(TM), Kathy Ireland(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.
SOURCE: Lifetime Brands
Lifetime Brands
Robert McNally, 516-683-6000
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777
hfried@lhai.com