GARDEN CITY, N.Y., Oct. 06, 2016 (GLOBE NEWSWIRE) -- 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: | |
| 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 |
