Lifetime Brands, Inc., a leading source of branded kitchenware, tabletop and home dcor products, announced 7 June 2008 that it had acquired the business and certain assets of Mikasa, Inc. from Arc Int…
Lifetime Brands, Inc., a leading source of branded kitchenware, tabletop and home dcor products, announced 7 June 2008 that it had acquired the business and certain assets of Mikasa, Inc. from Arc International SA. Mikasa is a leading provider of dinnerware, crystal stemware, barware, flatware and decorative accessories. Mikasa“s products are distributed through department stores, specialty stores and big box chains, as well as on the internet. Jeffrey Siegel, chairman, president and chief executive officer of Lifetime, said, “We are very pleased to add the Mikasa family of brands, including Mikasa(R), Celebrations by Mikasa(TM) and Gourmet Basics(R) by Mikasa, to our portfolio of distinctive tabletop brands. We expect that the annual revenue of our wholesale tabletop business should exceed USD 150 million in 2009”. The terms of the transaction were not announced. Lifetime intends to update its financial guidance for 2008 to include the effect of the acquisition, which is expected to be accretive to earnings beginning in 2008, when it reports its results for the three and six month periods ended 30 June 2008. Arc International SA was advised in the transaction by Morgan Joseph & Co. Inc. Lifetime“s products are distributed through most major retailers in North America.