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EXHIBIT 99.2
ONEIDA
NEWS RELEASE
FOR: Oneida Ltd.
INVESTOR RELATIONS CONTACTS:
Ed Thoma
Senior Vice President, Finance
Oneida Ltd.
(315) 361-3108
Michele Katz/Stephanie Prince
Morgen-Walke Associates, Inc.
(212) 850-5600
PRESS CONTACTS:
Dave Gymburch
Corporate Public Relations
Oneida Ltd. (315) 361-3271
Gregory Tiberend
Morgen-Walke Associates, Inc.
(212) 850-5600
FOR IMMEDIATE RELEASE
ONEIDA LTD. TO ACQUIRE DELCO INTERNATIONAL;
STRATEGIC ACQUISITION EXPANDS FOODSERVICE DIVISION
Oneida, NY - May 31, 2000 - Oneida Ltd. (NYSE:OCQ) today announced
that it had signed a definitive agreement to acquire the stock of
Delco International Ltd. (Inc.), including its wholly owned
subsidiary, Delco Tableware International Inc., and its ABCO
International division. Delco International is an established
marketer of tableware products for the foodservice industry. A
privately held company that has been in business for over 60 years,
Delco International is headquartered in Long Island, N.Y., where its
offices will remain. Delco International complements Oneida's
current tableware businesses, and underscores Oneida's strategy of
achieving global leadership as a complete tabletop company.
Under the terms of the agreement, Oneida will acquire Delco
International for approximately $76 million in cash. The transaction
is expected to close during Oneida's second quarter, which concludes
July 29, 2000, and is subject to the satisfactory completion of a due
diligence review and other customary closing conditions.
Delco International's annual sales are approximately $77 million.
The company, its subsidiary, Delco tableware International, and its
ABCO division market products to a broad range of customers in the
foodservice industry, including distributors, restaurant chains,
hotel chains and institutional customers. In total, the company
offers a full range of tabletop products.
Oneida President and Chief Executive Officer Peter J. Kallet stated
"We are delighted to be associated with one of the most respected and
successful companies in the foodservice industry. We especially look
forward to working with their most talented management team. Delco
International also increases our ability to satisfy the complete
needs of our customers, while bringing additional global product
sources."
Delco International President Robert Delman and ABCO Managing
Director Peter Kranes added "We are excited to join forces with
Oneida Ltd., and to expand and strengthen our own tableware lines
through their vast product resources. Oneida is also well recognized
as one of the most innovative companies in the foodservice industry
with a great brand name and outstanding reputation."
Oneida's agreement to acquire Delco marks the latest in a series of
steps to position the Company as the world's most diversified
tabletop resource. On May 23 Oneida announced an agreement to
acquire Sakura, Inc., a leading consumer dinnerware company. In
addition, on May 30 Oneida announced an agreement to acquire Viners
of Sheffield Limited, an established United Kingdom marketer of
flatware and cookware, and also announced that it had acquired
exclusive distribution rights for Schott Zwiesel crystal in the U.K.
Oneida Ltd. is a leading manufacturer of stainless steel and
silverplated flatware for both the consumer and foodservice
industries, and a leading supplier of dinnerware to the foodservice
industry. Oneida also is a leading supplier of a variety of crystal,
glassware and metal serveware for the tabletop market.
Statements contained in this press release that state that certain
results are "expected" or "anticipated" to occur, or otherwise state
the company's predictions for the future, are forward looking
statements. These particular forward-looking statements and all other
statements that are not historical facts, are subject to a number of
risks and uncertainties, and actual results may differ materially.
Such factors include, but are not limited to: general economic
conditions in the Company's markets; difficulties or delays in the
development, production and marketing of new products; the impact of
competitive products and pricing; unforeseen increases in the cost of
raw materials or shortages of raw materials; significant increases in
interest rates or the level of the Company's indebtedness; major slow
downs in the retail, travel or entertainment industries; the loss of
several of the Company's major customers; underutilization of the
Company's plants and factories; and the amount and rate of growth of
the Company's selling, general and administrative expenses.
