GARDEN CITY, N.Y. (AP) — Appliance and housewares company Lifetime Brands has purchased U.K. kitchenware products and accessories supplier known as Kitchen Craft. Financial terms were not disclosed.
Kitchen Craft's formal name is Thomas Plant (Birmingham) Ltd. The privately held company supplies more than 70 countries with goods marketed under brand names including Master Class, Molten, Natural Elements and Kitchen Craft. Thomas Plant had about $70 million in revenue for the fiscal 2013.
"Kitchen Craft's broad ranges of kitchenware products fill a gap in our existing U.K. housewares assortment that will complement the tableware and gift assortments marketed by Creative Tops," Lifetime Brands Chairman and CEO Jeffrey Siegel said in a statement on Wednesday.
Kitchen Craft will become a separate division of Lifetime Brands Inc. and will continue to be led by directors Andrew Plant, Richard Plant and Peter Bushell.
Lifetime Brands expects the deal to add to its earnings per share starting this year.
Its shares finished at $15.74 on Tuesday. Its shares have risen 50 percent over the past year.