Manufacturer of popular product Instant Pot is merging its business with Corelle Brands and is likely to complete all necessary transactions by end of second quarter. Details of the merger’s financial terms have not been made public as yet. Instant Brands is the owner of Instant Pot that combines cooking abilities of rice-cooker, steamer, food warmer and pressure cooker in the same device. The house appliance has a dedicated fan base and nearly 185000 people follow it on social media Instagram where special recipes tailored around its functionalities are published on a regular basis. Regarded as one of the most popular selling house-ware on Amazon it has already sold nearly $3000 million worth of products.
The firm has also been expanding its food appliance line by including a blender and other appliances that enable sous-vide cooking in which food is vacuum sealed. Corelle Brands owns several home appliances brands like Pyrex, SnapWare and CorningWare and was purchased by Cornell Capital that purchased it in 2017. This partnership with Instant Pot will create a firm that offers compelling opportunity for further growth in housing appliances industry said Cornell Capital’s senior partner Henry Cornell who is also the group’s founder. Now the Cornell Brands will become a powerful platform and the proven leadership of its team will help to expand market for all its brands.
In the new merged entity setup the current CEO of Corelle Brands Ken Wilkes will continue in the existing role while founder and CEO of Instant Brands Robert Wang will become chief innovation officer. The latter stated that this deal will help support innovations of Instant Brands and help to expand its product pipeline while helping it reach out to new customers by opening up new markets. Ontario based Instant Brands had been launched in 2009and is credited with cooking appliances like Instant Pot Ace blender and Instant Pot Smart Wi-Fi.