Boston, MA 04/29/2014 (wallstreetpr) – The $256 million market capped housewares company Lifetime Brands Inc (NASDAQ:LCUT) has turned the focus on growth. The company is making acquisitions that not only enrich its product portfolio, but also allows it quick expansion into global markets. The company needs to attract revenue by increasing market share, and that means partnering or buying strategic companies that are already successful in the areas it wants to expand.
Lifetime has made several acquisitions this year and may continue the trend in the next quarters now that focus on growth has taken the center-stage in the company.
Earlier this month, the company acquired Empire Silver, a company that produces U.S.A-made sterling products with more than 60 years of industry experience and expertise. Empire Silver also boasts high craftsmanship that has kept its customers coming back through the years. Therefore, Lifetime expects to continue producing and marketing of Empire Silver’s quality line of pewter and sterling gift products as part of its expansion and diversification strategy.
Lifetime Brands Inc (NASDAQ:LCUT) announced that Empire Silver will be integrated into its Wallace Silver Division.
Executive comment
According Lifetime Brand’s president for the Wallace Silver and luxury dinnerware division, the addition of Empire Silver into the business family of Lifetime will go a long away into complementing the company’s sterling silver and giftware. Therefore, Scott Bial expects Lifetime to expand its metal giftware brands and capture more markets for growth.
Global leadership
Prior to the acquisition of Empire Silver that boasts many years of manufacturing and selling of high quality metal giftware, Lifetime Brands Inc (NASDAQ:LCUT) struck a deal with The Greenfield Group Limited for the purchase of La Cafetière, a coffee and teaware manufacturer. The company produces and markets its products worldwide mainly under the Randwyck and La Cafetière brands.
The deal to acquire La Cafetière was sealed in March, and Lifetime CEO Jeffrey Siegel observed that the move will expand Lifetime’s presence in the U.K. and by extension, the Continental Europe.
In addition to La Cafetière, Lifetime earlier this year also acquired Built NY, a company that makes laptop sleeves and neoprene bags with distribution in more than 60 countries and 30,000 retailers.
Lifetime Brands Inc (NASDAQ:LCUT) expects these acquisitions and many others in recent times including that of Kitchen Craft to confirm its true global leadership position in the tableware and kitchenware markets.
