Lifetime Brands to Acquire Gorham Silver
GARDEN CITY, N.Y.--(BUSINESS WIRE)--July 12, 2007--Lifetime Brands, Inc. (Nasdaq: LCUT), a leading designer, developer and marketer of nationally branded consumer products for the home, has entered into a letter of intent to acquire the Gorham(R), Kirk Stieff(R), Whiting(TM) and Durgin(TM) sterling silver businesses from Lenox Group Inc.
Lifetime will also enter into a licensing agreement with Lenox Group under which it will exclusively license the Gorham(R), Kirk Stieff(R), Whiting(TM) and Durgin(TM) trademarks in connection with the manufacture, sale, distribution and marketing of sterling silver products.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "This transaction reflects our strategy of expanding Lifetime's portfolio of distinctive brands and the product categories in which we participate. The highly regarded sterling silver and silver ornament businesses of Gorham(R), Kirk Stieff(R), Whiting(TM) and Durgin(TM) are a perfect complement to the sterling business we acquired from Syratech Corporation in 2006. We look forward to applying Lifetime's outstanding brand development and product innovation skills to these prestigious brands."
The terms of the transaction, which are subject to the parties entering into a definitive agreement with customary closing conditions, were not announced. Lifetime expects the transaction to close within thirty days and to be nominally accretive for 2007.
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), Hoffritz(R), International Silver(R), Joseph Abboud(R), Kamenstein(R), Melannco(R), Nautica(R), Pedrini(R), Rochard(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.
CONTACT: Lifetime Brands, Inc.
Christian G. Kasper, 617-568-8148
Senior Vice President
chris.kasper@lifetimebrands.com
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777
hfried@lhai.com
SOURCE: Lifetime Brands, Inc.