Corelle Brands LLC, the maker of Pyrex and CorningWare kitchen products, agreed to merge with Instant Brands Inc., the company behind the popular Instant Pot cooker.
Financial terms weren’t disclosed in a joint statement Monday. The combined business will have an enterprise value of more than $2 billion, according to a person familiar with the deal who asked not to be identified because the details are private. Corelle Chief Executive Officer Ken Wilkes will become CEO of the new company, while Robert Wang, Instant Brand’s founder and CEO, will serve as chief innovation officer.
