(Reuters) - World Kitchen, which makes and distributes popular kitchen and housewares products under brands including Pyrex, Corelle and CorningWare, is exploring a sale of the company, according to three sources familiar with the matter.
The Rosemont, Illionis-based company, spun off from Corning Inc (GLW.N) in 1998, has hired Baird to shop the company in a deal that could be worth $600 million to $700 million, the sources said on Monday.
The sale process is in the early stages, the sources said, with management taking initial meetings with potential bidders. The company has roughly $75 million in annual earnings before interest, taxes, depreciation and amortization, the sources said.
After being spun off from Corning, World Kitchen was acquired by Borden for about $600 million, according to reports at the time. The company filed for bankruptcy in 2002 and underwent financial reorganization. It is now backed by W Capital Partners and Oaktree Capital Partners.
The company makes products such as dinnerware, kitchen tools, cutlery and storage.
World Kitchen, Baird and W Capital Partners declined to comment. Oaktree could not be reached for comment.
World Kitchen has about 3,000 employees, according to the company website.
Reporting By Olivia Oran and SoYoung Kim in New York. Additional reporting by Luisa Beltran of peHub.