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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.
