Lifetime Brands (LCUT) Acquires Wilton Brands' Copco Product Line
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Lifetime Brands, Inc. (Nasdaq: LCUT) 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.
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