SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 23, 2000
ONEIDA LTD.
(Exact name of Registrant as specified in its charter)
NEW YORK 1-5452 15-0405700
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification Number)
incorporation)
162-181 KENWOOD AVENUE, ONEIDA, NEW YORK 13421
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (315) 361-3000
Former name or former address, if changed since last report N/A
<PAGE>
ITEM 5 OTHER EVENTS
The information required by this item is incorporated by reference to a
press release dated May 23, 2000, which is attached as an exhibit to this Form.
EXHIBITS EXHIBIT 99.1
Press Release dated May 23, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ONEIDA LTD.
By: /s/ CATHERINE H. SUTTMEIER
Catherine H. Suttmeier
Corporate Vice President,
Secretary and General Counsel
Dated: May 26, 2000
<PAGE>
EXHIBIT 99.1
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 TO ACQUIRE SAKURA, INC.;
WILL ACCELERATE GROWTH IN CONSUMER DINNERWARE
ONEIDA, NY - May 23, 2000 - Oneida Ltd. (NYSE:OCQ) today announced that it has
signed a definitive agreement to purchase substantially all the assets of
Sakura, Inc. for approximately $40 million in cash. The acquisition is an ideal
fit with Oneida's strategic business plan to grow as a complete tabletop
resource. The transaction is expected to be completed during Oneida's second
quarter, which concludes July 29, 2000, and is subject to the satisfactory
completion of due diligence review.
Sakura, Inc., based in New York City, is a leading marketer of consumer
dinnerware to department stores, mass merchandisers and private label accounts;
customers include Target, Federated Department Stores, Dillard's, Wal-Mart,
Kohl's, Bed, Bath & Beyond, Mervyn's, Home Place, J.C. Penney, and others.
Sakura also has licensing agreements with Disney, Hallmark, Warren Kimble,
Debbie Mumm, Claire Murray and others. The privately held company, which has
been in business for over 40 years, is a recognized design leader specializing
in casual and theme products for the housewares dinnerware market.
"We're delighted to join forces with one of the most respected companies in the
consumer dinnerware industry, and to be working with Sakura's exceptionally
strong management team," said Oneida President and CEO Peter J. Kallet. "This
acquisition dramatically increases Oneida's participation in the consumer
dinnerware market. We will enjoy immediate benefits from Sakura's expertise in
casual and theme dinnerware, as well as melamine and giftware, for the
housewares industry. It enables us to accelerate our growth and gives us
greater opportunities to expand dinnerware sales along with our full line of
tabletop products."
"Acquisitions such as Sakura, Inc. have helped further our strategic business
plan over the past four years, along with strategic alliances, introductions of
new product categories, and internal efficiency improvements. All of these
elements will continue to play important roles as we go forward with our goal to
be the leading tabletop resource in all the domestic and international markets
that we serve," Mr. Kallet continued.
Oneida will retain Sakura's management team, headed by President Glenn W.
Simon; this team will continue Sakura's present lines of business and will also
oversee Oneida's consumer dinnerware program. Sakura will continue using the
services of its leading independent designers.
"We're looking forward to being part of Oneida's global network and tradition of
success," commented Mr. Simon, president of Sakura. "Oneida's tremendous brand
name strength, its world-class distribution resources and its extensive product
offerings are a perfect complement to Sakura's own tradition of dinnerware
innovation, quality, and customer service."
Oneida Ltd., incorporated in 1880, is one of the world's largest manufacturers
of stainless steel and silverplated flatware for both the consumer and
foodservice industries. Oneida is also a leading supplier of a variety of
crystal, glassware, and metal serveware for the tabletop industries.
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 slowdowns 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.
