Lifetime Brands signs licensing agreement with Lenox Group
13 Jul '07
2 min read
Lifetime Brands Inc, a leading designer, developer and marketer of nationally branded consumer products for the home, has entered into a letter of intent to acquire the Gorham, Kirk Stieff, Whiting and Durgin sterling silver businesses from Lenox Group Inc.
Lifetime will also enter into a licensing agreement with Lenox Group under which it will exclusively license the Gorham, Kirk Stieff, Whiting and Durgin trademarks in connection with the manufacture, sale, distribution and marketing of sterling silver products.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "This transaction reflects our strategy of expanding Lifetime's portfolio of distinctive brands and the product categories in which we participate. The highly regarded sterling silver and silver ornament businesses of Gorham, Kirk Stieff, Whiting and Durgin are a perfect complement to the sterling business we acquired from Syratech Corporation in 2006. We look forward to applying Lifetime's outstanding brand development and product innovation skills to these prestigious brands."
The terms of the transaction, which are subject to the parties entering into a definitive agreement with customary closing conditions, were not announced. Lifetime expects the transaction to close within thirty days and to be nominally accretive for 2007.
Lifetime Brands is a leading designer, developer and marketer of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop, home decor, picture frames and bath accessories.
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