EXHIBIT 99.1
ONEIDA
NEWS RELEASE
FOR: Oneida Ltd.
INVESTOR RELATIONS CONTACTS:
Ed Thoma
Senior Vice President
Oneida Ltd.
(315) 361-3108
Michele Katz/Stephanie Prince
Morgan-Walke Associates, Inc.
(212) 850-5600
PRESS CONTACTS:
Dave Gymburch
Corporate Public Relations Oneida Ltd.
(315) 361-3271
Gregory Tiberend
Morgan-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.
