Oneida set for 'more growth' in new buyout
US Tabletop brand Oneida's is hoped to experience 'great growth' after being recently bought by a New York City equity fund.
The company was bought by Monomoy Capital Partners, which already owns Anchor Hocking, the Ohio-based glassware company.
That combination makes the deal a winner, said Oneida Ltd. President Jim Joseph.
Mr Joseph said the move "completes the tabletop in food service."
Oneida will be able to bring Anchor Hocking products, with the Oneida label, into department stores in the United States. It will also be able to sell Anchor Hocking in Oneida stores overseas.
The sale represents another step in the turnaround of Oneida Ltd., which once employed hundreds of people making tableware in Central New York. Oneida sold its last remaining factory in 2004, focusing on designing, marketing and distributing worldwide.
While the two companies will remain separate, their ability to work together to supply the food service market and the higher-end department store market will work in tandem.
Its is expected to take approximately 12 months fore the effects of the move to begin to b seen. It is hoped Anchor Hocking products will soon is sold on the Oneida website moving forward.
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