Lifetime Products Announces Agreement to Purchase PDG’s Folding Furniture Business
August 10, 2021
CLEARFIELD, UTAH & SOUTHFIELD, MICHIGAN (August 10, 2021) – Lifetime Products, Inc. (“Lifetime”) and Plastic Development Group, LLC (“PDG”) are pleased to announce that they have entered into an agreement wherein Lifetime will purchase PDG’s folding furniture business at the end of their current licensing agreement in December of 2023.
The agreement will allow Lifetime and PDG to leverage their individual expertise and combined knowledge of the folding furniture market. Through this agreement, Lifetime and PDG will be able to provide industry-leading products to a broader spectrum of consumers in the folding furniture market. “This purchase will make Lifetime stronger, more responsive and a better supplier to our global customers. We are confident this move improves our product offering and service in both our domestic and international markets,” said Lifetime Products CEO & President Richard Hendrickson of the agreement with PDG.
“Joining forces with Lifetime will enhance the market position of PDG and allow us to better serve our North American customers,” said Craig Guck, Founder & CEO of PDG. “We are confident this strategic step will improve our value proposition that our customers currently enjoy and position them to be even more successful for the long-term. Lifetime is a world class company that PDG is proud to be affiliated with.”
About Lifetime Products
Established in 1986, Lifetime Products, Inc. is a privately held company headquartered in Clearfield, Utah. Starting in the owner’s backyard, Lifetime Products began by building a better basketball system. Today, Lifetime is the world’s leading manufacturer of residential basketball hoops, polyethylene folding tables, and chairs. With other offerings from outdoor sheds and composters to playsets to kayaks and coolers, Lifetime continues to develop innovative products sold in more than 120 countries around the globe. For more information about Lifetime Products, visit www.lifetime.com.
About Plastic Development Group
Established in 2011 by founder and CEO Craig Guck, PDG is a leading importer and marketer of folding furniture, storage solutions, appliances and lawn & garden products sold through mass retailers in the United States and Canada. Headquartered in Southfield, Michigan with a sourcing office in Dongguan, China, PDG has experienced substantial growth throughout its history and will exceed sales of $200 million in 2021.
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