That Instant Pot in your kitchen will soon be a Corelle product.
Instant Brands, the company behind the popular Instant Pot, has announced plans to merge with Corelle Brands, the company behind things like Pyrex and CorningWare as well as its name brand.
Financial terms of the deal have not been announced, but combined together the two companies are expected to have a value of more than $2 billion, The Wall Street Journal reports.
Beyond the popular Instant Pot, which works as a pressure and rice cooker as well as a slow cooker, Instant Brands also sells a sous vide machine and a blender that cooks food.
Corelle’s chief executive, Robert Wang, will lead the combined company. After the merger is complete, Instant Brands will continue to keep its Ottawa headquarters.
“As one of the fastest-growing small kitchen appliance brands in the world, Instant Brands has established itself as a leader in innovation and its high-quality products have become a staple in kitchens in North America, fundamentally changing how consumers think about cooking,” Ken Wilkes, Chief Executive Officer of Corelle Brands said in a statement.
“We are excited to work with Robert and the rest of the talented Instant Brands team in providing operational and marketing support and access to our global sales network to accelerate multi-channel and new product growth as part of the Corelle Brands family.”
Corelle is expected to help Instant Brands grow, particularly in the Asian market.