Dept 56 to Buy Lenox
By Staff -- Gifts and Dec, 7/26/2005 12:00:00 AM
July 26, 2005 — Liquor manufacturer Brown-Forman Corp will sell its china and crystal subsidiary Lenox to Department 56 Inc. for $190 million in cash. Lenox includes such brands as Dansk tableware; Gorham silver, crystal, and china; and Kirk Steiff silver and pewter. “This is a major, transforming acquisition that we’ve been seeking for the past several years,” said Susan Engel, Dept. 56’s chief executive. “These brands are a perfect fit with our existing business, and we believe that we can strengthen both businesses by bringing them together.” The deal is projected to nearly quadruple Dept. 56’s sales, from $165 million in 2004 to $630 million this year. Brown-Forman will retain ownership of the Lenox headquarters property in Lawrenceville, NJ, as well as Lenox’s English collectibles company Brooks & Bentley. The deal is expected to close in six to eight weeks.
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