Lifetime Brands Completes Syratech Acquisition
WESTBURY, N.Y.--(BUSINESS WIRE)--April 28, 2006--Lifetime Brands, Inc. (NASDAQ NM: LCUT), a leading designer, marketer and distributor of nationally branded consumer products for the home, today announced that it had completed its acquisition of the business and certain assets of Syratech Corporation, a major designer, importer and manufacturer of a diverse portfolio of tabletop, home decor and picture frame products.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "The acquisition greatly expands Lifetime's presence in luxury tabletop and gives Lifetime a presence in the growing picture frame, photo album and home decor markets."
Syratech owns many of America's oldest and most respected silver brands, including International(R), Towle(R), Tuttle(R) and Wallace(R). Syratech also owns the Melannco(R), Elements(R) and Rochard(R) brands for home decor products, and licenses the Cuisinart(R) brand for tabletop products. Syratech recently introduced a comprehensive line of dinnerware, flatware and glassware under the Kenneth Cole Reaction(R) brand.
Lifetime 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), Pfaltzgraff(R), Calvin Klein(R), Cuisinart(R), Hoffritz(R), Sabatier(R), Nautica(R), Joseph Abboud Environments(R), Roshco(R), Baker's Advantage(R), Kamenstein(R), CasaModa(TM), 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.
Robert McNally, 516-683-6000
or
Lippert/Heilshorn & Associates, Inc.
Investor Relations:
Harriet Fried, 212-838-3777
hfried@lhai.com
SOURCE: Lifetime Brands, Inc.