Lifetime Acquires Gorham
By Staff -- Gifts & Decorative Accessories, 7/23/2007 11:58:00 AM
Garden City, NY — Lifetime Brands completed its acquisition of the Gorham, Kirk Stieff, Whiting and Durgin sterling silver businesses from Lenox Group. Terms of the deal were not disclosed. Under the agreement, Lifetime gained the exclusive license to manufacture and distribute products under each of the acquired brands.
"This transaction will enable us to leverage Lifetime's existing sterling manufacturing infrastructure with minimal incremental cost," said Jeffrey Siegel, chairman, president and CEO of Lifetime.
This is the latest in a string of silver and tabletop brands acquisitions that Lifetime recently made. Since 2004, Lifetime completed the acquisition of Syratech, Pfaltzgraff, Salton and Excel Importing Corp.
Gorham last changed hands in 2005 when it was purchased by Department 56, along with the Lenox and Dansk brands. (The company renamed itself Lenox Group once the deal was complete.) In September 2006, Gorham was named one of four “core” brands on which Lenox planned to focus.
