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[March 2004]
Sale of Buffalo China is Completed
Oneida Ltd (New York, USA) says that it has completed the sale of certain assets of its Buffalo China dinnerware factory in Buffalo, NY, USA to Niagra Ceramics Corporation (also of Buffalo) for US$5.5 million in cash. Oneida previously announced on 20 January 2004 an agreement to sell the assets to BC Acquisition Company LLC, which has since assigned its interests to Niagra Ceramics Corp, an entity comprised of the same principal leadership as BC Acquisition.
The sale includes the factory buildings and associated equipment, materials and supplies. The Buffalo China name and all other active Buffalo China trademarks and logos will remain the property of Oneida. The sale does not include the Buffalo China warehouse in Buffalo, which Oneida will continue to operate for the foreseeable future.
As was previously announced, the buyers will operate the Buffalo factory as an independent supplier. Niagra Ceramics is headed by Robert Lupica who was previously Oneida's Senior Vice President and General Manager for Buffalo Operations. Mr Lupica said: "We would like to express our thanks to local and state government leaders whose assistance helped make this transaction possible. We are focused on enabling the factory to continue as an important presence in Buffalo, and on building a wide-ranging dinnerware business".
ENDS