Lifetime Brands Inc North America's leading resource for nationally branded kitchenware, tabletop and home décor products, announced it has completed its planned acquisition of a 30% stake in Ekco, SAB, Mexico's largest housewares company. Lifetime's investment is valued at approximately $23 million.
Based in Mexico City, Ekco manufactures and sells cookware, kitchenware, cutlery, dinnerware, flatware and related items. The company owns the worldwide rights to the Vasconia trademark, Mexico's oldest and best-known cookware brand, as well the rights in Mexico to the Ekco trademark, Mexico's leading kitchenware brand.
Ekco also owns the rights to the Regal and H. Steele trademarks in Mexico, licenses the Presto trademark for use in Mexico and has exclusive distribution rights for Thermos products in Mexico. In 2007, Ekco acquired Industria Mexicana del Aluminio, S.A. de C.V, one of Mexico's largest aluminum smelters and rolling mills.
Shares of Ekco's capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. For the year ending December 31, 2007, Ekco expects to report net sales of approximately $90.0 million and net income of approximately $5.0 million.
Jeffrey Siegel, Chairman, President and Chief Executive Officer of Lifetime, said, "Many of our multinational retail customers have indicated that they want to work more closely with their key suppliers on a global basis.
As the leading housewares company in Mexico, Ekco is the ideal partner for Lifetime to expand in Mexico and other Latin American markets. We have already implemented a strategy whereby Ekco will supply many of Lifetime's products to certain large US-based retailers that operate in Mexico.
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