Dept. 56 Buys Lenox China & Crystal Lines
By Staff -- Gifts and Dec, 9/1/2005 12:00:00 AM
Department 56, Eden Prairie, MN, will buy the Lenox china and crystal subsidiary from liquor producer Brown-Forman, Louisville, KY, for $190 million in cash. Lenox also 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 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.”
Brown-Forman chief executive Owsley Brown II said, “The environment for this business has been challenging for several years, as evidenced by the weakness throughout the U.S. tabletop and giftware industry. We believe Department 56 is very well positioned to focus exclusively on and grow this outstanding portfolio of brands.”
The deal is projected to nearly quadruple Dept. 56 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. It will sell the Lawrenceville property separately, and is still deciding the future of Brooks & Bentley.
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