Instant Brands, the company behind the new hottest product on Amazon, Instant Pot, has unveiled plans of a merger with Corelle Brands, the company behind the massively popular CorningWare, Pyrex, Corelle, and SnapWare. They have announced a definitive merger agreement between the two companies in order to deliver high-quality staple products to each and every kitchen and household across the world.
While the financial terms of the deal remain undisclosed, it is expected to be completed by the end of the second quarter of 2019. Ken Wilkes of Corelle Brands will be the new Chief Executive Officer of Instant Brands, while the current CEO, Robert Wang will continue to serve as the Chief Innovation Officer while retaining their original Ottawa office.
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One of the common targets this move shall achieve is that both companies can now be a part of a multi-functional line of cookware and utensils which starts all the way form the preparation of the meal, includes cooking the meal, and ends with storing what’s left over. This will allow both companies to realize new streams of revenue through the needs of most households to find multi-purpose, high-quality utilities which can be used to achieve multiple ends at the same time while being cost effective.
Cornell Capital has already been delivering qualitative material for most needs within the continent of Asia since April 2017 and has already crafted a solid foundation until now. This move will further help them bolster their own footing while giving Instant Brands a global stage to work on.
“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,”Ken Wilkes, CEO of Corelle Brands
In addition to the above statement, He also adds about the excitement of working with the Instant Brands team, here’s what he said
“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.Ken Wilkes, CEO of Corelle Brands
Henry Cornell, the founder and company partner of Cornell Capital mentioned that Instant Pot has become quite “synonymous with quality and versatility” primarily due to the reliability of the product which led to its vast user base and the “tremendous social following of millions of dedicated users.”
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He remarked that this is one factor which can be leveraged to suit the needs of both parties and keep their customers happy at the same time. He said that he looks forward to working with Instant Brands to make use of the opportunity to “achieve strategic growth objectives.”
“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,”Mr. Wang, Founder and CEO of Instant Brands
Mr. Wang further adds,
“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 betterMr. Wang, Founder and CEO of Instant Brands
serviceour retail customers to meet their evolving needs and capitalize on exciting new demographic and market opportunities.”
This move will certainly allow Corelle Brands to utilize the reputation and presence of Instant pot’s line of reliable and versatile products while it gives the latter a larger platform and support structure to work with under the own terms, more or less. This would make Instapots more accessible to the vast majority of the public while prices aren’t expected to be affected much as indicated by Corelle Brand’s past actions. This is certainly a deal which is more or less beneficial to both parties.