Pyrex manufacturer merges with Instant Pot
March 5, 2019 By Bakers Journal
Corelle Brands LLC (“Corelle Brands”), manufacturer and marketer of houseware brands as Corelle®, Pyrex®, SnapWare® and CorningWare®, and Instant Brands, maker of the multicooker the Instant Pot®, today announced the signing of a definitive agreement under which Instant Brands and Corelle Brands will merge.
The transaction creates a fast-growing housewares company with a comprehensive suite of products and accessories for all steps of the culinary process, from meal planning with recipes, preparing ingredients and cooking food to serving meals and storing leftovers. Since acquiring Corelle Brands in April 2017, Cornell Capital has worked with the company’s management team to strengthen its market position, suite of products and marketing, service, distribution, sourcing and order fulfillment capabilities, while bolstering Corelle Brands’ commercial position in Asia.
Founded in 2009 and headquartered in Ottawa, Ontario, Instant Brands specializes in designing and marketing small kitchen appliances for busy home cooks. Known for its multi-functional and signature Instant Pot®, which combines up to 10 different appliances into a single product, Instant Brands has experienced tremendous growth and become a leading brand in the small kitchen appliance industry as it expands its customer base and diversifies its lineup of products, including its cooking blender, multicooker, sous vide immersion circulator and related accessories.
Instant Brands will retain its Ottawa headquarters. Ken Wilkes will be Chief Executive Officer of the combined company and Robert Wang will serve as its Chief Innovation Officer.
“As one of the fastest-growing small kitchen appliance brands in the world, Instant Brands has established itself as a leader in innovation and its high-quality products have become a staple in kitchens in North America, fundamentally changing how consumers think about cooking,” said Ken Wilkes, Chief Executive Officer of Corelle Brands in a press release. “We are excited to work with Robert and the rest of the talented Instant Brands team in providing operational and marketing support and access to our global sales network to accelerate multi-channel and new product growth as part of the Corelle Brands family.”
“We are thrilled to partner with a global market leader in Corelle Brands as we look to embark on our next chapter of strategic growth and expansion,” said Wang, Founder and Chief Executive Officer of Instant Brands, in the same release. “With an international footprint, integrated supply chain and unique sourcing, design, R&D and comprehensive marketing capabilities, Corelle Brands and Cornell Capital will be true partners in supporting our innovation and expanding product development pipeline. In addition, this combination will allow us to better service our retail customers to meet their evolving needs and capitalize on exciting new demographic and market opportunities.”
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