Lifetime Brands and Focus Products Group Announce Agreement
August 31 2016 - 9:15AM
Lifetime Brands, Inc. (NasdaqGS:LCUT) and Focus Products Group
International, LLC today announced that they have entered into a
letter of intent, pursuant to which Lifetime would acquire the
Kitchen Division of Focus Products Group, which sells various
products under the Amco Houseworks®, Chicago™ Metallic and
Swing-A-Way® brands.
Lifetime is a leading global provider of branded
kitchenware, tableware and other products used in the home. Shares
of Lifetime’s common stock are traded on the NASDAQ Stock Market
under the symbol “LCUT”.
Founded in 2001, Focus Products Group
International, LLC is a growth-oriented national provider of
leading brands in the Bath, Home Fashion and Housewares for both
retail and commercial spaces. Focus is a portfolio company of
Centre Lanes Partners, LLC.
Jeffrey Siegel, Lifetime’s Chairman and Chief
Executive Officer, said, “We are delighted to add Focus Kitchen’s
iconic brands, which complement Lifetime’s existing bakeware and
kitchenware businesses.”
Marc Navarre, Focus’s President and Chief
Executive Officer, said, “We are pleased to see the Focus Kitchen
brands find an excellent home with Lifetime, allowing us to
concentrate on our core brands and businesses.”
The parties intend to sign a definitive purchase
agreement in the next two weeks and close the transaction the same
day. The transaction is subject to the parties entering into a
definitive purchase agreement for the acquisition.
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®, Fred® & Friends,
Kitchen Craft®, Kamenstein®, Kizmos™, La Cafetière®, Misto®, Mossy
Oak®, Reo®, Savora™ 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.
Focus Products Group International,
LLC
Focus Products Group is a national provider of
leading brands in the Bath, Home Fashion and Housewares for both
retail and commercial spaces. The Company’s brands include
Sure Fit®, Patio Armor®, West Bend®, Vinturi®, Hookless®, Arc &
Angles®.
The Company’s corporate website is www.focuspg.com.
Contacts:
Lifetime Brands, Inc.Laurence Winoker, Chief Financial
Officer516-203-3590investor.relations@lifetimebrands.com
|
Focus Products Group International, LLCJulie Wiseman,
Communication Manager224.513.2007 |
LHA Harriet Fried, SVP212-838-3777hfried@lhai.com |
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