Lifetime Hoan Expands and Extends Licensing Agreement with KitchenAid
WESTBURY, N.Y., Nov 20, 2003 (BUSINESS WIRE) -- LIFETIME HOAN CORPORATION (Nasdaq NM: LCUT), a leading marketer of housewares, today announced it has expanded and extended its exclusive licensing agreement with KitchenAid, a division of the Whirlpool Corporation (NYSE: WHR). In addition to designing, manufacturing and marketing culinary utensils, gadgets and bakeware under the KitchenAid(R) brand name, Lifetime will now create and sell premium kitchen cutlery, knife storage blocks, knife sharpeners and wood cutting boards. The term of the current licensing agreement has also been extended through 2007, according to the announcement.
Jeffrey Siegel, chairman and chief executive officer, commented, "Our lines of upscale KitchenAid(R) kitchen culinary utensils, gadgets, and bakeware have been extremely successful since we started introducing them in 2001. These products have been a strong catalyst for Lifetime's growth in 2003, and we look forward to enhancing our future prospects through this expanded license."
"Like everything that bears the KitchenAid brand, Lifetime's licensed products are characterized by premium materials, superior craftsmanship and design that is both innovative and timeless," noted Brian Maynard, Director of Integrated Marketing for KitchenAid. "These products are designed for those who love to cook, and who expect professional quality results from everything in their kitchen."
Lifetime Hoan Corporation 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) and Hoffritz(R). Through the use of various brand names, Lifetime Hoan's products are distributed through almost every major retailer in the U.S.
Since the introduction of its legendary stand mixer in 1919 and first dishwasher in 1949, KitchenAid has built on the legacy of these icons to create a complete line of products designed for cooks. From countertop appliances to cookware, ranges to refrigerators, and whisks to wine cellars, KitchenAid now offers virtually every essential for the well-equipped kitchen.
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 Hoan Corporation
Lifetime Hoan Corporation
Robert McNally, 516-683-6000
or
Investor Relations:
Lippert/Heilshorn & Associates
Harriet Fried, 212-838-3777