Lifetime Takes Stake in Mexican Manufacturer
By Staff -- Gifts and Dec, 12/20/2007 7:19:00 AM
Garden City, NY — Kitchenware, tabletop and home decor vendor Lifetime Brands Inc. acquired a 30 percent stake in housewares company Ekco SAB, Mexico City. Lifetime's investment is valued at approximately $23 million.
Ekco manufactures cookware, kitchenware, cutlery, dinnerware, flatware and related items, and owns the worldwide rights to the Vasconia trademark. For 2007, Ekco expects to report net sales of approximately $90 million and net income of approximately $5 million.
"Many of our multinational retail customers have indicated that they want to work more closely with their key suppliers on a global basis,” said Jeffrey Siegel, chairman, president and CEO of Lifetime. “Ekco is the ideal partner for Lifetime to expand in Mexico and other Latin American markets."
Lifetime will also begin shipping Vasconia kitchenware in the U.S. in the second quarter of 2008.
Jose Ramon Elizondo, Ekco's president, CEO and principal shareholder, said, "Our partnership with Lifetime Brands, which includes access to many of Lifetime's brands and its product development and sourcing capabilities, will enable Ekco to accelerate its growth, increase its profitability, and augment its position as a leading supplier of quality products to retailers in Mexico and elsewhere in Central and South America."
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