As reported on Reuters, World Kitchen is exploring a sale of the company. The housewares company, based in Rosemont, IL reportedly has hired Baird to shop the company in a deal that could be worth $600 million to $700 million, according to three sources familiar with the matter, the Reuters report stated.
The sale process is in the early stages, the sources continued, as management is now taking initial meetings with possible bidders. The company has roughly $75 million in annual earnings before interest, taxes, depreciation and amortization, according to the sources.
A World Kitchen spokesperson told HOMEWORLD BUSINESS®, “World Kitchen corporate policy is to decline comment about any strategy speculation. We can, however, say that we continue to be committed to our customers with regard to delivering the very best kitchen products in the marketplace now and in the years to come.”
Currently backed by W Capital Partners and Oaktree Partners, World Kitchen was spun off from Corning Inc. in 1998 and acquired by Borden for about $600 million, according to reports at the time. The company filed for bankruptcy in 2002 and underwent financial reorganization.
The company makes products such as dinnerware, bakeware, kitchen tools, cutlery and storage, under brands including Pyrex, CorningWare and Corelle, and Chicago Cutlery, among others.