South Korea’s leading home shopping operator GS Home Shopping Inc. has agreed to acquire a 9.1 percent stake in World Kitchen LLC, a United States-based kitchenware manufacturer known for iconic brands such as Corelle, Visions, and Pyrex, in hopes that the leading global kitchenware brand can help it expand its presence in the Asian kitchenware market.
According to the Korean company on Wednesday, the company inked on a final contract with U.S. private investment firm Cornell Capital Management to obtain a 9.1 percent interest in World Kitchen. But the financial term was not disclosed. Following the stake ownership, GS Home Shopping will be given a right to participate in management as a board member.
A number of financial investors from the U.S. and China also took part in the latest acquisition that involved GS Home Shopping as the only strategic investor.
World Kitchen is a globally renowned houseware products manufacturer and distributor based in the U.S. that owns 10 familiar brands. Its annual sales reached $640 million.
GS Home Shopping that has already penetrated 420 million households across seven countries is hoping that World Kitchen’s high-profile brands can help it to tap deeper into the burgeoning kitchenware market in Asia.
By Park Eun-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]