May 6 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 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
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