Lifetime Brands, Inc. Acquires Copco® Thermal and Hydration Beverageware, Tea Kettles and Kitchen Organization Products
October 06 2016 - 8:00AM
Lifetime Brands, Inc. (NasdaqGS:LCUT), a leading global provider of
branded kitchenware, tableware and other products used in the home,
today announced it has acquired the Copco® product line from Wilton
Brands LLC. Founded in 1960, Copco sells a wide variety of thermal
and hydration beverageware, tea kettles and kitchen organization
products.
Jeffrey Siegel, Lifetime’s Chairman and Chief
Executive Officer, commented, “Copco has a rich history as a leader
of high-end design and innovation in the important thermal and
hydration beverageware category, which includes travel mugs, cups,
tumblers and carafes, and in the kitchen. Its trend-forward designs
in thermal and hydration beverageware, which reflect today’s
on-the-go lifestyles and changing consumer trends towards fashion,
reusability, durability and flexibility, have enabled it to achieve
double-digit growth in this category. Copco® branded tea kettles,
representing the broadest assortment in the industry, have long
been a staple in American households for both decorative and
functional purposes. Copco also offers a wide array of kitchen
organizers, building on its 50+ years of design and innovation
experience to consistently bring fresh, creative products to
retailers.”
Mr. Siegel continued, “Like the three kitchen
brands we recently acquired from Focus Products Group, the Copco®
brand fits perfectly into Lifetime’s platform and we have the
resources to quickly enhance its performance. Moreover, since
Copco® branded products are in categories in which Lifetime already
is well-established, we expect the acquisition to provide immediate
gross margin dollars without any accompanying increase in
SG&A.”
The acquisition is expected to be accretive to
the Company’s diluted earnings per share in 2016. Terms of
the acquisition were not announced.
Forward-Looking Statements
In this press release, the use of the words
“believe,” "could," "expect," "may," "positioned," "project,"
"projected," "should," "will," "would" or similar expressions is
intended to identify forward-looking statements that represent the
Company’s current judgment about possible future events. The
Company believes these judgments are reasonable, but these
statements are not guarantees of any events or financial results,
and actual results may differ materially due to a variety of
important factors. Such factors might include, among others, the
Company’s ability to comply with the requirements of its credit
agreements; the availability of funding under such credit
agreements; the Company’s ability to maintain adequate liquidity
and financing sources and an appropriate level of debt; changes in
general economic conditions which could affect customer payment
practices or consumer spending; the impact of changes in general
economic conditions on the Company’s customers; changes in demand
for the Company’s products; shortages of and price volatility for
certain commodities; significant changes in the competitive
environment and the effect of competition on the Company’s markets,
including on the Company’s pricing policies, financing sources and
an appropriate level of debt.
Lifetime Brands, Inc.
Lifetime Brands is a leading global provider of
kitchenware, tableware and other products used in the home. The
Company markets its products under well-known kitchenware brands,
including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®,
Chicago™ Metallic, Copco®, Fred® & Friends, Kitchen Craft®,
Kamenstein®, Kizmos™, La Cafetière®, Misto®, Mossy Oak®, Reo®,
Savora™, Swing-A-Way® and Vasconia®; respected tableware and
giftware brands, including Mikasa®, Pfaltzgraff®, Creative Tops®,
Empire Silver™, Gorham®, International® Silver, Kirk Stieff®,
Towle® Silversmiths, Tuttle®, Wallace®, Wilton Armetale®, V&A®
and Royal Botanic Gardens Kew®; and valued home solutions brands,
including Bombay®, BUILT NY®, Debbie Meyer® and Design for Living™.
The Company also provides exclusive private label products to
leading retailers worldwide.
The Company’s corporate website is
www.lifetimebrands.com.
Contacts: |
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|
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Lifetime
Brands, Inc. |
LHA |
Laurence Winoker, Chief
Financial Officer |
Harriet Fried, SVP |
516-203-3590 |
212-838-3777 |
investor.relations@lifetimebrands.com |
hfried@lhai.com |
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