Owner of Pyrex, CorningWare cooks up takeover of Instant Pot maker

The Canadian company that has invented one of the most popular kitchen appliances in recent years is being bought by a U.S. company that has been making food storage and cooking containers for more than a century.

Kanata, Ont.-based Instant Brands, the creator of the Instant Pot pressure cooker, will merge with Corelle Brands, a U.S. company that owns food storage brands including Pyrex, CorningWare, SnapWare and Corelle, in a deal announced Monday.

Created by former Nortel engineer Robert Wang, the Instant Pot has seen runaway success since its creation in 2009 and is one of the best selling items on Amazon, with more than $300 million in total sales, according to market research firm NPD Group.

The small kitchen appliance does the work of a pressure cooker, slow cooker, rice cooker or steamer, all in one.

Financial details were not released, but the two companies said in a joint statement that the deal is expected to close this year. Citing unnamed sources close to the deal, The Wall Street Value pegged the value of the combined company at roughly $2 billion US.

Wang will stay with the company as chief innovation officer, while Corelle CEO Ken Wilkes will stay on as CEO of the merged company.

“We are thrilled to partner with a global market leader in Corelle Brands as we look to embark on our next chapter of strategic growth and expansion,” Wang said in a statement