Lifetime Brands Inc announced it has entered into a letter of intent to acquire the Pomerantz brand and certain related assets from JP Products, LLC.
JP Products, LLC will continue in its existing furniture business. In a separate transaction, Lifetime has entered into a letter of intent to acquire the Design for Living brand and certain assets from Design for Living LLC.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, “Pantryware has been an attractive area for Lifetime since we entered the category in 2000 through our acquisition of M. Kamenstein, Inc. Pomerantz has long been respected in the trade as a highly regarded innovator and marketer."
"Design for Living is a relatively new company with several advanced design housewares products featuring exciting new technologies. Both companies will help us expand our presence by bringing more innovative products to market under brands that consumers know and value. In addition, we are pleased that two key employees will be joining Lifetime to help us take full advantage of the opportunities these acquisitions offer.
Terms of the acquisitions were not announced. Lifetime expects both acquisitions to close by the end of the month and to be nominally accretive for 2007.
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