World Kitchen to Acquire Snapware Corporation
December 3, 2010,
ROSEMONT, Ill.-Tabletop and housewares leader World Kitchen has agreed to acquire food storage company Snapware Corporation. The acquisition is subject to regulatory and Snapware shareholder approval and is expected to be completed before the end of December. Terms of the agreement were not disclosed.
Joe Mallof, president and chief executive officer of World Kitchen, whose brands include Corelle, Pyrex, CorningWare and Chicago Cutlery, said the company plans to build Snapware's brand equity and expand its distribution domestically and internationally. "Snapware's great people, plastic molding expertise, innovative culture and short product development cycle will make World Kitchen an even stronger company," he said in a statement.
Craig Allen, chief executive officer of Snapware, whose brands include Airtight, Snap 'N Stack, Smart Store and Glasslock, said the acquisition, in addition to expanding distribution, will help develop broader consumer support for Snapware products.