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[August 2000]
Oneida Ltd. announces strategic actions to strengthen financial performance
Oneida Ltd announces a set of strategic actions designed to strengthen the company's business and financial performance. In a separate news release today, the company announced its second quarter results and the completion of three previously announced acquisitions.
In outlining the new initiatives, Oneida Chairman and Chief Executive Officer Peter J. Kallet stated, "As part of our strategic plan to be the most complete tabletop resource worldwide, we have, over the past 18 months, restructured our manufacturing; facilities which has resulted in the attainment of Oneida's highest productivity levels in our history. We are now refining our business practices which will enhance our financial flexibility. These initiatives encompass the development of sustainable new revenue sources; further reductions in stock-keeping units; improving inventory turnover, which will reduce warehousing costs and interest expense; and a continuing emphasis on the reduction of selling, general and administrative expenses. We have also undertaken a comprehensive review of our 'make versus buy' strategy, in order to improve profitability and simplify our business."
Oneida Ltd. is a leading manufacturer of stainless steel and silverplated flatware for both the consumer and foodservice industries, and a leading supplier of dinnerware to those industries as well. Oneida also is a leading supplier of a variety of crystal, glassware and metal serveware for the tabletop market.
ENDS