Fidelity National Buys 5.6% Share of General Housewares’ Stock

Fidelity National Financial, an Irvine-based title insurance company, said Thursday that it has bought 5.6% of the stock of General Housewares, a manufacturer of cookware and gift items.

Fidelity and two of its subsidiaries paid a total of about $1 million for 134,400 shares of General Housewares purchased over the last two months at prices ranging from $7.25 to $8.375 per share, according to Frank P. Wiley, Fidelity’s executive vice president.

Wiley said the General Housewares stock was purchased for the company’s investment portfolio. Although Fidelity may buy additional shares, Wiley said the company has no plans to disrupt General Housewares management or acquire a controlling interest in the firm.

Largest Investment

Based in Stamford, Conn., General Housewares makes cookware under such brand names as Magnalite and Leyson and produces gifts under such names as Classic Candles and Colonial Candles.

Wiley said General Housewares is the first company in which Fidelity has acquired a stake exceeding 5% and is the firm’s largest single stock investment in dollar terms. Fidelity also invests in other securities such as bonds and money market instruments.

“Like many companies, the stock in General Housewares was greatly undervalued because of the stock market crash,” Wiley said. “But it has consistent earnings, and if the price remains relatively stable, we’ll pick up more stock.”

The company revealed the stock purchases in a filing Thursday with the Securities and Exchange Commission.