Pyrex owner Corelle cooks up merger with Instant Pot maker
Corelle Brands, the maker of Pyrex and CorningWare kitchen products, agreed to merge with Instant Brands Inc., the company behind the popular Instant Pot cooker.
Financial terms weren’t disclosed in a joint statement Monday. The combined business will have an enterprise value of more than $2 billion, according to a person familiar with the deal who asked not to be identified because the details are private. Corelle Chief Executive Ken Wilkes will become chief executive of the new company, while Robert Wang, Instant Brands’ founder and CEO, is to serve as chief innovation officer.
The merger brings together two closely held companies whose brands are staples of home cooking. Ottawa-based Instant Brands’ Instant Pot combines the functions of a pressure cooker, slow cooker, rice cooker and steamer, and some models have Wi-Fi and Bluetooth connectivity. Instant Pots and competing products flew off the shelves of J.C. Penney Co., Walmart Inc., Kohl’s Corp. and other retailers during the holiday season. They have attracted a die-hard following of home chefs in recent years for their ease — dump in the ingredients, and voila.
Rosemont, Ill.-based Corelle’s other brands include the Corelle line of tableware and Chicago Cutlery. Pyrex has its roots in 1915. The company formerly known as WKI Holding Co. was bought by Cornell Capital in 2017.
The transaction is expected to be completed in this year’s second quarter. Stifel Nicolaus & Co. served as financial advisor to Corelle Brands, while Davis Polk & Wardwell provided legal advice. For Instant Brands, CIBC was its financial advisor and Dentons Canada was its legal advisor.
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