Lifetime Brands, Inc. (NASDAQ: LCUT) recently announced the acquisition of Focus Products Group’s Kitchen Division. The division, which includes a range of kitchenware products under the Amco Houseworks®, Chicago™ Metallic and Swing-A-Way® brands, meets Lifetime’s criteria for acquisition candidates, which include famous brands, blue-chip customers, and a premium position within the marketplace.
In a recent news release, Jeffrey Siegel, chairman and CEO of Lifetime Brands, stated, “We are excited to expand our portfolio of brands with three distinguished names that complement our market-leading kitchenware and bakeware businesses. 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.”
Aside from being an award-winning brand since the 70’s, Amco Houseworks® is best known for its innovative stainless steel products, which are currently sold across the country and online. Chicago™ Metallic, a 122-year-old brand, is designed for commercial, professional, and serious home baking. The brand has a reputation for being ‘The Baking Experts’ thanks to its unique and high-quality products. Swing-A-Way® has sold over 200 million pieces since its beginning in 1938 and is one of the leading brands of high performance and good value can openers.
Marc Navarre, CEO and president of Focus Products Group, added, “We are pleased to see the Focus Kitchen brands find an excellent home with Lifetime, allowing us to concentrate on our core brands and businesses.”
The Focus Products Group acquisition is expected to be accretive to Lifetime Brands’ diluted earnings per share during fiscal 2016. Specific terms of the acquisition were not made available in the news release.
For more information, visit www.LifetimeBrands.com
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