Lifetime Brands has entered into an asset purchase agreement to acquire the operating assets and to assume certain liabilities of Reed and Barton Corporation, which has filed for bankruptcy protection. The agreement provides that Lifetime will purchase the assets pursuant to Section 363 of the United States Bankruptcy Code. The transaction is subject to a number of conditions, including completion of an auction process and bankruptcy court approval.

Jeffrey Siegel, Lifetime’s Chairman and CEO, commented, “Reed & Barton’s tableware business in flatware, crystal and serveware fits nicely with our own and also will immediately establish for us a strong position in the giftware category.”

In addition, the company announced that it has amended its bank credit agreement. The amendment provides for a more gradual reduction in the permitted maximum senior leverage ratio, beginning March 31, 2015, than previously was the case. The amendment also revises the definition of EBITDA to exclude expenses incurred in respect of a financing that the Company chose not to complete due to adverse market conditions and the acquisition of Reed & Barton, if not completed. The amendment also includes clarifying language as to the exclusion of potential earn-out payments related to certain completed acquisitions. T

Lifetime Brands is a leading global provider of kitchenware, tableware and other products used in the home.