Lifetime Buys Mikasa
By Staff -- Gifts & Decorative Accessories, 6/9/2008 8:03:00 AM
Garden City, NY— Tabletop vendor Lifetime Brands Inc. acquired the business and certain assets of dinnerware and crystal brand Mikasa Inc. from Arc International SA. Terms of the transaction were not disclosed.Arc acquired Mikasa in 2000 for about $280 million, and began seeking a buyer for the brand in June 2007.
Jeffrey Siegel, Lifetime's chairman, president and CEO, said in a statement, “We expect that the annual revenue of our wholesale tabletop business should exceed $150 million in 2009.”
Lifetime will update its financial guidance for 2008 to include acquisition's effect when it reports company results for the three and six month periods ended June 30. The acquisition is Lifetime's first major move since the company took a stake in a Mexican housewares company in late 2007.
