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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 LTD. TO ACQUIRE VINERS IN U.K.;
EXPANDS INTERNATIONAL DISTRIBUTION RIGHTS IN SEPARATE TRANSACTION
Oneida, NY - May 30, 2000 - Oneida Ltd. (NYSE:OCQ) and its London-
based subsidiary, Oneida U.K. Limited, today announced they have
signed a definitive agreement to purchase all of the stock of Viners
of Sheffield Limited, a privately held company for approximately $25
million in cash, subject to final accounting adjustments. The
acquisition will position Oneida as the largest flatware company in
the United Kingdom, and is expected to more than double consolidated
revenues for Oneida U.K. The transaction is expected to be completed
during Oneida's second quarter, which concludes July 29, 2000.
London-based Viners is an established marketer of flatware and
cookware in the United Kingdom; its flatware brand has been traded
for nearly 100 years. The company's diversified distribution channels
including department stores, supermarkets, catalog showrooms, direct
sales, special markets and department store shops. Additionally, the
Company markets flatware under the Wedgwood and Royal Doulton names
through worldwide licensing agreements. Most recently, Viners
acquired Housley, a leading U.K. flatware brand, which is included in
Oneida's acquisition of Viners.
Oneida President and Chief Executive Officer Peter J. Kallet noted,
"Viners profoundly increases our presence in the U.K., and is a major
addition to our growing portfolio of international tableware brands.
We have admired Viners for many years. In addition to the strength of
their name, they offer an array of popular consumer flatware patterns
largely non-duplicative with Oneida's, a growing cookware business,
expanded distribution channels and added sourcing capabilities. We
are especially pleased to be working with Viner's experienced
management team. Their expertise will be invaluable in coordinating
our respective businesses in the U.K. -- and in helping to expedite
our continued growth worldwide."
Melvyn Novak, Chairman of Viners of Sheffield Limited, added, "We
keenly anticipate this collaboration with Oneida, truly one of the
world's premier tabletop firms. Oneida's tremendous brand
recognition, long history in the U.K., and extensive resources in all
respects, represent a powerful combination with our own unique
strengths. We believe both companies will enjoy long-term benefits
from this combination, and will be positioned to offer our customers
more tableware choices than ever before."
In a separate transaction, Oneida announced that it had acquired
exclusive distribution rights for Schott Zwiesel crystal in the U.K.
The agreement with Germany-based Schott Zwiesel includes both
consumer and foodservice markets, and will be similar to Oneida's
ongoing distribution of Schott products in the United States, Canada,
Latin America and Australia.
The acquisition and distribution agreements are the latest in a
series of moves by Oneida to support its strategic plan of becoming a
worldwide leader in the global tableware market. On May 23 Oneida
announced an agreement to acquire Sakura, Inc., a leading U.S.
consumer dinnerware company.
Oneida Ltd., which had fiscal 1999 sales of $495 million, 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.
