Cohen and his new partners acquired a controlling interest in Hoan Products Ltd. in 1986; they soon owned the company outright, through a total investment of $4 million.
In 1987 Lifetime Hoan moved its manufacturing operation to Dayton, New Jersey, maintaining its headquarters in Brooklyn.
Revenues reached $38.5 million by 1989, while net income stood at $800,000.
The company made its first move up the scale in early 1990 when it entered into a license agreement with Farberware, Inc. to market cutlery, kitchen gadgets, and barbecue accessories under the well-known and respected Farberware name.
A similar licensing deal involving the leveraging of a familiar brand was reached in April 1991, this time with the Pillsbury Company for a line of moderately priced bakeware and kitchen accessories.
In June 1991 Lifetime Hoan sold 40 percent of the company to the public in an initial public offering (IPO) that raised $19.4 million.
Launched in mid-1992, the line eventually included items such as nonstick cookie sheets and pie pans, spatulas, whisks, and cookie cutters featuring the Pillsbury Doughboy logo, as well as accessories such as peelers, can openers, kitchen hooks, and steamers incorporating the Green Giant character.
As of 1993, Cohen and his family held a 24 percent stake in Lifetime Hoan, while the Siegel and Phillips families held another 27 percent.
The company launched a new brand, Smart Choice, in 1993.
Lifetime Hoan moved its headquarters to Westbury, New York (on Long Island), in October 1994.
Cohen told Business Week in 1994, "It was a lot of business and just a lot of hard work and no profit."
Smart Choice helped fuel a new product blitz whereby Lifetime introduced 500 new items in 1994, compared with 150 the previous year.
In 1995 Hanson spun off Farberware and 33 of its other smaller United States subsidiaries, forming United States Industries Inc.
In April 1996 Lifetime Hoan joined with Syratech Corporation, an East Boston-based maker of tabletop and giftware products, to acquire most of the assets of Farberware for a total of about $52 million, $12.7 million of which was paid by Lifetime in cash.
Lifetime launched a new line of Hoffritz products in the spring of 1996, a line that within a few years exceeded 300 items.
In July 1997 Lifetime struck a deal with Meyer Corporation, the licensed manufacturer of Farberware cookware, in connection with these stores.
The addition of Roshco, which had revenues of $10 million in 1997, not only extended the company further into the bakeware sector, it also added to the already strong array of higher-end products Lifetime could aim at department and specialty stores.
Not resting on its laurels, Lifetime in August 1998 acquired Roshco, Inc., a Chicago-based, privately held distributor of better-quality bakeware under the Roshco and Baker's Advantage brands.
In September 2000 the company acquired privately held M. Kamenstein, Inc.
Also in late 2002 Lifetime created a new division called CasaModa, whose lines would feature moderately priced barware and serveware.
In February 2004 Lifetime entered into an agreement with Hershey Foods Corporation to begin producing and marketing S'mores Makers and chocolate fondue sets under the Hershey brand name.
Reeves, Amy, "Kitchenware Supplier Cooks Up a New Plan," Investor's Business Daily , May 12, 2004.
In July 2004 Lifetime Hoan paid about $8.5 million for Excel Importing Corp., based in Westbury, New York.
These KitchenAid products debuted in 2004.
|Company Name||Founded Date||Revenue||Employee Size||Job Openings|
The Coleman Company1900
Evans & Sutherland1968