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Lifetime Brands Acquires Mikasa

Posted 6/9/2008 - 8:56:36 AM

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Lifetime Brands Inc. has acquired the business and certain assets of Mikasa, Inc. from Arc International SA.

Mikasa, a leading provider of dinnerware, crystal stemware, barware, flatware and decorative accessories, is distributed through department stores, specialty stores and big box chains, as well as on the Internet at www.mikasaandcompany.com.

Jeffrey Siegel, Lifetime's chairman, president and CEO, commented, "We are very pleased to add the Mikasa family of brands, including Mikasa, Celebrations by Mikasa and Gourmet Basics by Mikasa, to our portfolio of distinctive tabletop brands. We expect that the annual revenue of our wholesale tabletop business should exceed $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 June 30, 2008.