GARDEN CITY, N.J. – Lifetime Brands, Inc. announced Monday it signed an agreement to purchase a 29.9 percent interest in Ekco S.A.B. for $21.9 million.
Mexican housewares company Ekco manufactures and sells cookware, bakeware, kitchenware, cutlery, dinnerware, flatware and related items.
The agreement allows Lifetime to appoint four new members to Ekco’s 11-person Board of Directors. It also would allow Lifetime to acquire 100 percent ownership of Ekco, or require Ekco to repurchase its stake.
The transaction is expected to close before the end of September 2007.
According to Jeffrey Siegel, Chairman, President and CEO of Lifetime, the agreement “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 Brands designs, develops and markets kitchenware, cutlery and cutting boards, bakeware and cookware, pantryware and spices, tabletop and home décor, picture frames and bath accessories.
