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Lifetime Brands to acquire stake in Ekco S.A.B
11 Jun '07
2 min read
Lifetime Brands Inc a leading designer, developer and marketer of nationally branded consumer products for the home announced it has signed a definitive agreement to purchase a 29.99% interest in Ekco, S.A.B. for approximately $21.9 million, based upon the estimated closing date and current exchange rate.
One of Mexico's leading housewares companies, Ekco manufactures and sells cookware, bakeware, kitchenware, cutlery, dinnerware, flatware and related items under the Ekco, Vasconia, Regal, H. Steele, Presto and Thermos brands.
Shares of Ekco's capital stock are traded on the Bolsa Mexicana de Valores, S.A. de C.V, (the Mexican Stock Exchange), under the symbol BMV: EKCO.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "We are pleased to be moving forward with our investment in Ekco, whose well-known brands and leading position in multiple kitchenware categories make it the ideal partner for Lifetime to expand in Mexico."
The alliance, for which we entered into a letter of intent in March, will enable Ekco to introduce products under our brands in Mexico and in other Latin American markets; and will enable us to develop and market products specifically focused on the needs of the growing community of Latino customers here in the U.S. Lifetime will market products in the U.S. and Canada under the Vasconia brand, the oldest kitchenware brand in Mexico.
"In addition, the alliance will help Lifetime meet theneeds of our multinational customers who want to partner with their key suppliers on a more global basis."
The proceeds from Lifetime's investment will be applied by Ekco toward the financing of its acquisition earlier this year of one of the largest aluminum smelter and rolling mills in Mexico, Industria Mexicana del Aluminio, S.A. de C.V.
One of Mexico's leading housewares companies, Ekco manufactures and sells cookware, bakeware, kitchenware, cutlery, dinnerware, flatware and related items under the Ekco, Vasconia, Regal, H. Steele, Presto and Thermos brands.
Shares of Ekco's capital stock are traded on the Bolsa Mexicana de Valores, S.A. de C.V, (the Mexican Stock Exchange), under the symbol BMV: EKCO.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "We are pleased to be moving forward with our investment in Ekco, whose well-known brands and leading position in multiple kitchenware categories make it the ideal partner for Lifetime to expand in Mexico."
The alliance, for which we entered into a letter of intent in March, will enable Ekco to introduce products under our brands in Mexico and in other Latin American markets; and will enable us to develop and market products specifically focused on the needs of the growing community of Latino customers here in the U.S. Lifetime will market products in the U.S. and Canada under the Vasconia brand, the oldest kitchenware brand in Mexico.
"In addition, the alliance will help Lifetime meet theneeds of our multinational customers who want to partner with their key suppliers on a more global basis."
The proceeds from Lifetime's investment will be applied by Ekco toward the financing of its acquisition earlier this year of one of the largest aluminum smelter and rolling mills in Mexico, Industria Mexicana del Aluminio, S.A. de C.V.
Lifetime Brands Inc
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