Arc Sells International Cookware Division
FRANKFURT, Germany-Arc International has sold the Arc International Cookware division to U.S. investment firm Aurora Capital.
At the same time, stockholders of the privately held French glassware company have agreed to open the company's capital to outside investment.
Speaking from the Ambiente fair in Frankfurt, Germany, earlier this week, Fred Dohn, CEO of Arc's North American division, acknowledged that the parent company has suffered from "cash problems" but has met all of its financial covenants and financing for 2014 is "fine."
The French press had speculated that the U.S. division would be sold, according to Dohn, but he said the American subsidiary is strong and viable and adds to the value of the entire company. Dohn said the company, which is based in Arques, France, does not plan to sell the U.S. division, or any other parts of the company.
Dohn said he did not know the amount of capital available to outside investors.
The Arc International Cookware division has the exclusive licensing rights to, and sold, the Pyrex brand to Africa, Europe and the Middle East.