Owners of Instant Pot, Corelle merge to form new company
The popular Instant Pot is joining with the Corelle Brands of products in a marriage made in the kitchen.
Instant Brands, which makes the popular electric pressure cooker is joining other household names such as Corelle, Pyrex, CorningWare and SnapWare.
Financial terms of the deal were not disclosed, but people familiar with the matter said the combined company would have an enterprise value of more than $2 billion, which was first reported Sunday night by the Wall Street Journal.
The Instant Pot has been among the top-selling items on Amazon.com.
Rosemont, Illinois-based Corelle is owned by private equity firm Cornell Capital, which will own the majority of the new company.
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Corelle Chief Executive Ken Wilkes will lead the company, according to the Journal, while Robert Wang, CEO and founder of Instant Brands, will become chief innovation officer of the new company.