Lifetime Brands acquires Copco product line
Broad, trend-right product assortment, from thermal and hydration beverageware to tea kettles and kitchen organisation products, enhances Lifetime’s array of offerings
Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global provider of branded kitchenware, tableware and other products used in the home, has announced it has acquired the Copco® product line from Wilton Industries, Inc.
Founded in 1960, Copco sells a wide variety of thermal and hydration beverageware, tea kettles and kitchen organisation products.
Jeffrey Siegel, Lifetime’s chairman and CEO, says: “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 organisers, building on its 50+ years of design and innovation experience to consistently bring fresh, creative products to retailers.”
Jeffrey continues: “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. www.lifetimebrands.com