Lifetime Acquires Equity Interest in Brazilian Tabletop, Housewares Co.
December 12, 2011,
GARDEN CITY, N.Y.-Lifetime Brands, Inc. has acquired a 40 percent equity interest in GS Internacional S/A, a Brazilian maker of dinnerware, glassware, home decor, kitchenware and barware. Terms of the deal were not disclosed.
The move continues Lifetime's strategy of growth through acquisition and partnership through local management teams. "Our partnership with GSI will provide Lifetime with access to the rapidly growing Mercosul Area, allowing us to become a more effective global resource to our key retailer partners," said Jeffrey Siegel, Lifetime's chairman, president and CEO. "We are impressed by GSI and the quality and commitment of its management team, led by Paulo Soares. We look forward to working with Paulo to build GSI into the preeminent housewares company in South America."
This latest investment will have no material impact on Lifetime's diluted earnings per share in 2011, the company said, and is expected to be accretive to the company's diluted earnings per share in 2012.
Paulo Sergio G. Soares, GSI's founder and chief executive said the partnership gives his company access to Lifetime's many brands, product development and global sourcing capabilities and will reinforce GSI's position as "a leading supplier of high quality, innovative housewares products to retailers in Brazil and other parts of South America."