Lifetime Brands Agrees to Purchase WearEver; Acquisition Would Expand Lifetime's Presence in Key Cookware and Bakeware Categories
WESTBURY, N.Y.--(BUSINESS WIRE)--July 7, 2006--Lifetime Brands, Inc. (Nasdaq: LCUT), a leading designer, developer and marketer of a broad range of nationally branded consumer products used in the home, today announced that it has signed an agreement to acquire certain assets comprising the WearEver cookware and bakeware businesses of Global Home Products LLC ("Global").
WearEver is a leading supplier of cookware, bakeware and other accessories sold under the WearEver(R), Mirro(R), Regal(R), AirBake(R) and Cushion Air(R) brand names.
"This agreement provides an opportunity for Lifetime Brands significantly to expand its cookware business and to augment its bakeware business," said Jeffrey Siegel, Chairman, President and Chief Executive Officer of Lifetime Brands. "The combination of WearEver's established and respected brands and Lifetime's superior design capabilities, sourcing expertise and complementary customer base will create an excellent platform for growth. In addition, Lifetime's strong financial position will enable us to improve WearEver's operations, product deliveries and vendor relationships."
Global and certain of its affiliates, including certain of the companies that make up the WearEver business, filed for bankruptcy protection in April 2006. The agreement provides that Lifetime will purchase the assets pursuant to Section 363 of the United States Bankruptcy Code. The transaction is subject to a number of conditions, including completion of an auction process and bankruptcy court approval.
Lifetime is a leading designer, marketer and distributor of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop, home decor, picture frames 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), :USE(R), Pedrini(R), International Silver(R), Towle(R), Tuttle(R), Wallace(R), Melannco(R), Rochard(R) and Kenneth Cole Reaction(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
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777
hfried@lhai.com
SOURCE: Lifetime Brands, Inc.