Frye International Corp. will continue to injection mold Farberware food storage containers and similar housewares under Farberware's new ownership. Syratech Corp. of East Boston, Mass., and Lifetime Hoan Corp. of Long Island, N.Y., on April 2 jointly acquired most of the assets of Farberware Inc., a supplier of housewares, cookware and small electric appliances.
Leonard Florence, Syratech chairman, chief executive officer and president, said in a telephone interview that Frye and other Farberware licensees will continue with the new owners. The acquisition puts Syratech back into plastic consumer products, an area it exited about a year ago when it sold its Syroco Inc. outdoor furniture business to Marley plc of Sevenoaks, England.
Florence said Syratech ``is willing to look at other plastics opportunities,'' but he did not elaborate.
Frye of Longview, Texas, has molded Farberware food storage containers under license since 1993, according to Bud Frye, the firm's president. In 1994, Farberware agreed to distribute the plastic products in its retail network. Frye, as exclusive licensee of the containers, owns the molds and pays a royalty on sales.
Frye also makes its own line of kitchen accessories, including a combination bread storage and slicing gadget. It expanded its own line to include a bagel storage/slicing device, coffee storage containers and other products.
Three different licensees make other Farberware products, most of which do not have major plastic components.
Syratech retains exclusive rights to Farberware cookware, bakeware and electric product lines and the Farberware name.
Lifetime has a 99-year, royalty-free right to use the Farberware name to market certain kitchen gadgets.
A Farberware plant in Bronx, N.Y., that makes stainless-steel cookware may remain open under an employee stock ownership plan.
