Pyrex-owner Corelle cooks up merger with Instant Pot-maker

Instant Pot founder and CEO Robert Wang will stay on with the company as chief innovation officer

Instant Pot founder and CEO Robert Wang will stay on with the company as chief innovation officer

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 definitive merger agreement were not disclosed. The Wall Street Journal reported earlier that the combined company would have an enterprise value of more than US$2 billion, citing people familiar with the matter.

Financial details were not released, but the two companies said in a joint statement that the deal is expected to close this year.

Kate Beckinsale and Pete Davidson share kiss at NY hockey game
Meanwhile Beckinsale was linked to British comedian Jack Whitehall late previous year and split from husband Len Wiseman in 2016. Twitter users jumped in on the fun of captioning the awkward encounter as Antoni looked stoic next to the amorous couple.

Corelle, which is headquartered in Rosemont, Ill., manufactures and markets multiple houseware brands, including Pyrex.

There's no immediate hint as to how this might change the Instant Pot line, but it could easily mean a lot for distribution and exposure - it could be easier to pick up the multi-purpose cooker. Instant Brands will remain in its Ottawa headquarters and Instant Brands' chief Robert Wang will remain in Ontario and serve as the company's chief innovation officer.

Instant Brands, founded in 2009, is known for its Instant Pot device, which accomplishes a number of cooking functions in the same pot. For Instant Brands, CIBC was its financial adviser and Dentons Canada LLP was its legal adviser.

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