Lifetime Hoan Corporation to Acquire Excel Importing Corp.; Acquisition Adds Premium Brands and New Categories
WESTBURY, N.Y--(BUSINESS WIRE)--July 23, 2004--(NASDAQ NM: LCUT) Lifetime Hoan Corporation ("Lifetime"), a leading designer, marketer and distributor of housewares, today announced that it had acquired the business and certain assets of Excel Importing Corp. ("Excel"), a wholly owned subsidiary of Mickelberry Communications Incorporated. Excel's net sales for 2004 are expected to be approximately $20 million.
Excel designs, markets and distributes a diversified line of high quality cutlery, tabletop, cookware and barware products under well-recognized premium brand names, including Sabatier(R), Farberware(R), Retroneu Design Studio(R), Joseph Abboud Environments(R), DBK-Daniel Boulud Kitchen(TM) and Legnoart(R).
The acquisition broadens Lifetime's portfolio of brands, expands its customer base to include higher-end retailers and specialty stores and makes Lifetime a more complete resource for its retail customers by adding flatware, dinnerware, glassware and cookware to the product categories it offers.
Jeffery Siegel, Lifetime's Chairman, President and Chief Operating Officer, said, "We have long been impressed with Excel's powerful brands and strong customer relationships. We look forward to applying Lifetime's renowned design skills and culture of product innovation to introduce new products to expand these lines. We expect that the acquisition will be accretive to earnings in 2005."
Lifetime is a leading designer, marketer and distributor of household cutlery, kitchenware, cutting boards, pantryware and bakeware, marketing its products under various trade names including Farberware(R), KitchenAid(R), Cuisinart(R), Hoffritz(R), Roshco(R), Baker's Advantage(R), Kamenstein(R), CasaModa(TM), Hoan(R), Gemco(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 Hoan
Robert McNally, 516-683-6000
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777
hfried@lhai.com
SOURCE: Lifetime Hoan Corporation