Lifetime Brands Completes Gorham Silver Acquisition
GARDEN CITY, N.Y., Jul 20, 2007 (BUSINESS WIRE) -- Lifetime Brands, Inc. (Nasdaq: LCUT), a leading designer, developer and marketer of nationally branded consumer products for the home, today announced the completion of its acquisition of the Gorham(R), Kirk Stieff(R), Whiting(TM) and Durgin(TM) sterling silver businesses from Lenox Group Inc.
As part of the transaction, Lifetime entered into a long-term agreement under which it acquired an exclusive license to manufacture and distribute sterling silver products under the Gorham(R), Kirk Stieff(R), Whiting(TM) and Durgin(TM) brands.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "This transaction will enable us to leverage Lifetime's existing sterling manufacturing infrastructure with minimal incremental cost. We are also excited about the prospect of applying Lifetime's exceptional brand development and product innovation skills to this new group of outstanding brands."
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), Gorham(R), Hoffritz(R), International Silver(R), Joseph Abboud(R), Kamenstein(R), Kirk Stieff(R), Melannco(R), Nautica(R), Pedrini(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.
SOURCE: Lifetime Brands, Inc.
Christian G. Kasper, 617-568-8148
Senior Vice President
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777