Lifetime completes acquisition of Focus Products
Award-winning brands strengthen Lifetime Brands’ market-leading position in kitchenware
Lifetime Brands, Inc., a leading global provider of branded kitchenware, tableware and other products used in the home, has announced it has completed the acquisition of the Kitchen Division of Focus Products Group. The division sells a wide variety of kitchenware and bakeware products under the Amco Houseworks, Chicago Metallic and Swing-A-Way brands.
Lifetime’s chairman and chief executive officer Jeffrey Siegel comments: “We are excited to expand our portfolio of brands with three distinguished names that complement our market-leading kitchenware and bakeware businesses. This acquisition meets our criteria of well-known and longstanding brands; premium positioning in the marketplace; established relationships with blue-chip customers; and significant opportunities for growth.
“Chicago Metallic has been a leader in upper-end bakeware for more than 100 years, building an exceptional reputation as The Baking Experts through innovative, high-quality products. Amco Houseworks, whose signature stainless steel tools and gadgets are sold through gourmet and speciality stores nationwide and online, has been an award-winning brand since the 1970s. Swing-A-Way has been a leading brand of can openers for over 50 years with over 200 million units sold since the company’s founding in 1954.”
Mr Siegel concludes: “These three brands fit perfectly into our platform and we have the resources to quickly enhance their performance. Since they are in categories where Lifetime is already established, we expect the acquisition to provide immediate gross margin dollars without an accompanying increase in SG&A.”
The acquisition is expected to be accretive to the Company’s diluted earings per share in 2016. Terms of the acquisition were not announced.