Lifetime Brands (LCUT) Acquires Focus Products Group's Kitchen Division
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Lifetime Brands, Inc. (Nasdaq: LCUT) 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 commented, “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 specialty 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 concluded, “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 earnings per share in 2016. Terms of the acquisition were not announced.
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