Lifetime Brands, Inc. Acquires the Business and Assets of Fitz and Floyd
September 05 2017 - 08:00AM
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 business and assets of Fitz and
Floyd.
Founded in 1960, Fitz and Floyd
(www.fitzandfloyd.com) designs, sources, markets and distributes
Fitz and Floyd® and other branded tabletop products and decorative
ceramic collections through a diverse array of distribution
channels, such as big box retailers, department stores, specialty
kitchen and gift shops and e-commerce websites.
Jeffrey Siegel, Lifetime’s Chairman and Chief
Executive Officer, commented, “Fitz and Floyd products, including
handcrafted, decoratively designed figurines and centerpieces and
elegant dinnerware and serveware are recognized for their high
quality and unique style.”
Mr. Siegel continued, “The Fitz and Floyd® brand
fits perfectly into Lifetime’s platform and we have the resources
quickly to enhance its performance. Moreover, since Fitz and Floyd®
branded products are in categories in which Lifetime already is
well-established, we expect the acquisition to be accretive in
2017.”
Steven R. Baram, Fitz and Floyd’s President and
CEO, will join Lifetime’s Tabletop Division as President of the
Fitz and Floyd Division.
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®, MasterClass®,
Misto®, Mossy Oak®, Swing-A-Way® and Vasconia®; respected
tableware and giftware brands, including Mikasa®, Pfaltzgraff®,
Fitz and Floyd®, 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® and Debbie Meyer®. The Company also provides exclusive
private label products to leading retailers worldwide.
The Company’s corporate website is
www.lifetimebrands.com.
Contacts:
Lifetime Brands, Inc.
Laurence Winoker, Chief Financial Officer
516-203-3590
investor.relations@lifetimebrands.com
LHAHarriet Fried,
SVP212-838-3777hfried@lhai.com
Lifetime Brands (NASDAQ:LCUT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Lifetime Brands (NASDAQ:LCUT)
Historical Stock Chart
From Mar 2023 to Mar 2024