CP24 - Toronto News | Breaking News Headlines | Weather, Traffic, Sports
Canadian Instant Pot maker to merge with Corelle
An Instant Pot multicooker is shown in this handout image. The company that makes the Instant Pot kitchen appliance has signed a definitive agreement to merge with Corelle Brands LLC. THE CANADIAN PRESS/HO
The Canadian Press
Published Tuesday, March 5, 2019 8:07AM EST
KANATA, Ont. - The company that makes the Instant Pot kitchen appliance has signed a definitive agreement to merge with Corelle Brands LLC.
The Ottawa-based Instant Brands and Corelle did not disclose financial terms of the transaction, which is expected to be completed during the second quarter of this year.
Corelle's chief executive officer Ken Wilkes will serve as the top executive of the combined company.
Instant Brands's CEO Robert Wang will be the new company's chief innovation officer.
Instant Brands, which Wang founded in 2009, will retain its Ottawa headquarters.
Corelle, which is headquartered in Rosemont, Ill., manufactures and markets multiple houseware brands, including Pyrex.