CHICAGO _ World Kitchen, the company behind iconic housewares brands such as Pyrex, Corningware and Corelle, will be acquired by a New York private investment firm for an undisclosed sum, the companies announced Monday.
According to World Kitchen CEO Carl Warschausky, World Kitchen's products are already in more than 80 percent of U.S. homes.
The deal could help World Kitchen, based outside Chicago, expand its existing reach in Asia and other overseas markets to "create a global consumer goods powerhouse," Cornell Capital founder Henry Cornell said in the news release.
The companies also said they plan to explore additional acquisitions in the housewares industry.
World Kitchen was created by joining a trio of household brands _ Corning Consumer Products, General Housewares and Ekco Group _ after glass and ceramics manufacturer Corning Inc. decided to spin off its consumer division in 1998.
Some of World Kitchen's brands have a much longer history. Pyrex was created more than a century ago, originally developed for use in glass railway lanterns that needed to be able to handle large changes in temperature without shattering.
The company also manufactures Snapware, Chicago Cutlery, Revere, Ekco and Baker's Secret products.
A Cornell Capital affiliate, which was not named in the news release, will acquire the privately held World Kitchen. The deal is expected to be completed during the second quarter of this year, the companies said.
