Oneida Selling Buffalo China Facility To BC Acquisition
January 27, 2004
Oneida Ltd. has agreed to sell certain assets of its Buffalo China dinnerware factory in Buffalo, N.Y., to BC Acquisition Co. LLC of Buffalo for $5.5 million in cash. The sale includes the factory buildings and associated equipment, materials, and supplies. The Buffalo China name and all other Buffalo China trademarks and logos will remain the property of Oneida. The transaction does not include the Buffalo China warehouse in Buffalo, N.Y.; Oneida is continuing to explore its options for that location. Under the proposed transaction, BC Acquisition plans to operate the Buffalo factory as an independent supplier to the dinnerware industry, including Oneida. The company will be headed by Robert L. Lupica, who has been Oneida's senior vice president and general manager for Buffalo Operations. Completion of the transaction is subject to certain conditions being satisfied by both sides, and it is expected to be finalized during Oneida's 2004 first fiscal quarter.
For additional information, call (315) 361-3138.