Lifetime Brands Finalizes Strategic Alliance with Accent-Fairchild to Expand Presence in Canada
GARDEN CITY, N.Y., May 02, 2008 (BUSINESS WIRE) -- Lifetime Brands, Inc. (Nasdaq NM: LCUT), North America's leading resource for nationally branded kitchenware, tabletop and home decor products, has finalized its strategic alliance with Accent-Fairchild Group, Inc. (AFG) to expand the sales of Lifetime's products and brands in Canada.
Under the agreement, Lifetime is making available certain of its brands and products to AFG, which will directly service most retailers based in Canada. AFG, which formerly sold certain Lifetime products under the name of Target Home Products, is also rebranding itself as LTB Canada.
Jeffrey Siegel, Lifetime's Chairman, President and Chief Executive Officer, commented, "Our new alliance positions Lifetime to take advantage of the substantial growth opportunities in Canada. AFG has been our Canadian distributor for more than 15 years, has strong relationships with the country's leading retailers and is setting aggressive goals to grow the business."
Lifetime expects the transaction to be nominally accretive for 2008. The alliance did not involve a cash investment by Lifetime Brands.
About Lifetime Brands, Inc.
Lifetime Brands is North America's leading resource for nationally branded kitchenware, tabletop and home decor products. The Company markets its products under many of the industry's best known brands, including KitchenAid(R), Farberware(R), Pfaltzgraff(R), Cuisinart(R), Block(R) China and Crystal, Calvin Klein(R), CasaModa(R), Cuisine de France(R), Gorham(R), Hoffritz(R), International(R) Silver, Joseph Abboud(TM), Kamenstein(R), Kirk Stieff(R), Lisa Jenks(R), Melannco(R), Nautica(R), Pedrini(R), Roshco(R), Sabatier(R), Sasaki(R), Towle(R) Silversmiths, Tuttle(R), Wallace(R), :USE(R) and Vasconia(R). Lifetime's products are distributed through most major retailers in North America. The Company owns a 30% stake in Ekco SAB, Mexico's largest housewares company.
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.
Lifetime Brands, Inc.
Christian G. Kasper, 516-203-3590
Senior Vice President
chris.kasper@lifetimebrands.com
or
Investor Relations:
Lippert/Heilshorn & Assoc.
Harriet Fried, 212-838-3777
hfried@lhai.com