Lifetime to Acquire Syratech Assets
By Staff -- Gifts and Dec, 3/9/2006 6:19:00 AM
Westbury, NY — Home products vendor Lifetime Brands Inc. agreed to acquire the business and certain assets of Syratech Corp., a tabletop, home decor and picture frame manufacturer for $37 million in cash and $12.5 million in stock.
Syratech brands include Wallace Silversmiths, Towle Silversmiths, International Silver Company, Melannco International and Elements. Syratech also licenses the Cuisinart brand for tabletop products, as well as Kenneth Cole Reaction Home. Syratech’s 2005 revenues were approximately $138 million.
“Among many other benefits, the transaction furthers our expansion into the better tabletop business, which we entered last year when we acquired certain tabletop assets from Salton Inc.,” said Jeffrey Siegel, Lifetime's chairman, president and CEO.
The Salton acquisition, completed on September 19, 2005, included the Block and Sasaki brands, licenses to market Calvin Klein and NapaStyle tabletop, and distribution rights for Atlantis crystal, plus a license to market tabletop under the Stiffel brand. The purchase price was approximately $14.2 million.
Siegel added that the acquisition would give Lifetime “an entree into several promising new product categories, positioning us as a leader in the $500 million market for picture frames and photo albums, and giving us an immediate presence in the home decor market.”
Lifetime expects the Syratech business to contribute approximately $100 million in revenues in 2006, and to be nominally profitable for the year.
Lifestyle has been on the acquisition trail during the past couple of years, acquiring Excel Importing Corp. in July 2004 for $8.5 million, and The Pfaltzgraff Co. in July 2005 for $37.9 million. The Excel deal brought with it the licensed brands Sabatier, Farberware, Joseph Abboud Environments and DBK Daniel Boulud Kitchen, as well as the proprietary brand Retroneu.
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