"The Board and I both feel that Wilton's new owners should have the opportunity to establish new CEO leadership for the Company," commented Mr. Conti. "I've enjoyed my time with Wilton and wish everyone continued success."
Mr. Levin commented: "I want to thank Rich for his hard work and dedication to Wilton and wish him the very best. We are beginning a search for his replacement immediately and an executive search firm has been retained. I would like to assure our employees, customers and vendors that we will not miss a beat in this interim period and will continue our leadership in creativity, innovation and dedication to customer service in the craft industry."
As previously announced on October 12, Wilton's parent company, Wilton Holdings Inc., and its subsidiaries consummated an agreement with their largest creditors, affiliates of TowerBrook Capital Partners L.P. and Deutsche Bank Trust Company Americas, to recapitalize Wilton Holdings. The recapitalization provides Wilton Holdings with an improved capital structure, a reduced debt burden, the ability to continue delivering great products and quality service to customers every day, and the opportunity to focus on growth over the long term. As a result of this agreement, affiliates of TowerBrook Capital Partners L.P. and Deutsche Bank Trust Company Americas are the new majority owners of Wilton Holdings.
About Wilton Brands Inc.
Wilton Brands Inc. ("Wilton"), based in Woodridge, Illinois, has united multiple creative consumer products companies to produce a market leader with a strategic focus on product innovation and quality. Wilton's product portfolio includes food crafting, scrapbooking, and other craft products. Wilton has the number one position in cake decorating, bakeware and tea kettles. It offers the industry's most comprehensive and innovative selection of baking, cake decorating, candy making, cookie making, wedding and seasonal products. In addition, the company is the leader in scrapbooking as well as a marketer of some of the craft industry's most respected brands of embellishments, stickers, and punches through the E K Success and K & Company product lines. The company also launched the Martha Stewart Crafts line in May 2007. More information can be found at www.wilton.com.
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SOURCE Wilton Brands Inc.