The Oneida Group has divested a majority stake in its foodservice business to Crown Brands.
Called Anchor Hocking, the business offers flatware, dinnerware and barware, while Crown Brands is a distributor of commercial-grade utensils and equipment for the foodservice industry.
The transaction was completed on 28 January this year. Oneida Group will now focus on selling Anchor Hocking glassware to the foodservice industry and increasing sales support in this channel.
Oneida Group CEO Mark Eichhorn said: “With our overall financial position continuing to strengthen, we have been exploring strategic initiatives to improve operations and position the company for future growth and success.
“This transaction presented a tremendous opportunity for both The Oneida Group and Crown to play to our respective market strengths, enabling The Oneida Group to heighten our focus on re-igniting our retail flatware and glassware business and grow our specialty business-to-business glassware division, while allowing Crown to expand its already robust, industry-leading foodservice product offerings.”
In addition, Oneida Group is currently in the process of moving its distribution from Georgia to Ohio and expanding the production capability of the plant.