Lifetime Hoan and Syratech to purchase assets of Farberware

Business Wire, Feb 5, 1996

WESTBURY, N.Y.--(BUSINESS WIRE)--Feb. 5, 1996--Lifetime Hoan Corp. (NASDAQ:LCUT) announced today that Lifetime Hoan and Syratech Corp. (NYSE:SYR) had entered into an agreement with Farberware Inc., a subsidiary of U.S. Industries Inc. (NYSE:USN) related to the acquisition of substantially all of the assets of Farberware.

Under the terms of the joint venture agreed to by Lifetime and Syratech, Lifetime will acquire a 99 year, royalty-free, exclusive right to use the Farberware name in connection with cutlery and knife block sets, kitchenware, BBQ accessories, cutting boards, peppermills and other lines covered by its existing license agreements. Rights to license the Farberware name for use by third parties are to be held by a joint venture entity to be owned equally by Lifetime and Syratech. Lifetime will also acquire all of the Farberware retail outlet stores. Syratech will retain for itself exclusive rights to the Farberware name for corporate purposes, ownership of, and the rights to operate, Farberware's principal businesses, including its cookware, bakeware and electric products lines.

Milton L. Cohen, president, chairman, and chief executive officer, said, "We are very excited about the joint venture and our new partnership with Syratech, a company long recognized as a quality manufacturer, to acquire the Farberware trademark, which Lifetime has licensed for the past 7 years.

"We have developed a broad line of highly recognized, extremely popular, quality products bearing the Farberware brand as part of our cutlery, kitchenware and cutting board offerings, and look to further expand our line items in the coming year. During 1995, Farberware represented approximately 50 percent of Lifetime's total revenues and with the acquisition of the trademark we will pursue many more opportunities and eliminate substantial licensing fees."

Lifetime Hoan Corp. is a leading designer, marketer, and distributor of household cutlery, kitchenware, and cutting boards. The company has built a consumer franchise by promoting and marketing products under its own trade names, including recently acquired Hoffritz Inc., and thorugh a program of licensing agreements with well-known brands including Walt Disney, Pillsbury, Green Giant and Farberware.

CONTACTS: Lifetime Hoan Corp., Westbury

Fred Spivak

Chief Financial Officer

(516) 683-6000

or

Morgen-Walke Associates, Inc., New York

Investor Relations

Donna Stein/Evan Smith

Press: Stan Froelich

(212) 850-5600