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Instant Pot and Pyrex companies are merged



Corelle traces its roots back to 1915. It makes Pyrex, SnapWare and CorningWare glass tray trays, measuring cups, plates and storage containers. Especially the Pyrex brand has established itself as a household name, and serves presence in kitchens worldwide.

Instant Pot is a multifunctional pressure cooker that also sautées, takes cakes and makes yogurt and cakes among others. It has had cult-like status in recent years, and rising to has become the best-selling third-party brand on Amazon and getting a dedicated group of customers on social media.

When companies finish their deal, they will be owned by Cornell Capital Investing Company, which acquired Corelle in 201

7. Corelle CEO Ken Wilkes will be the new company's CEO, and Instant Pot creator Robert Wang will serve as the company's chief innovation manager.

Wang said Corelle's international presence, as well as marketing and supply chain expertise, will help Instant Pot grow in new markets. About 20% of US households own an instant pot.

Cornell Capital did not reveal financial terms of the deal, but the Wall Street Journal reported it worth $ 2 billion. Corelle is a larger company, with 3,000 employees worldwide; Instant Brands has a few dozen. But Instant Brands are probably worth more. Before Cornell took control of Corelle, the company was owned by GP Investments Acquisition Corp., which in 2016 said Corelle was worth $ 566 million.

Corelle was originally part of the glass maker Corning ( GLW ) . The company developed a temperature-resistant glass for rail lantern globes in 1909, which Corning called Nonex. Corning looked for other uses for his invention.

The story of Pyrex begins in 1913, when Bessie Littleton, wife of Corning researcher Jesse Littleton, baked a sponge cake in so-called Nonex glass jars, according to Corning. The glass reduced the cooking time and helped to bake the food evenly. Bakers could also look at their creations while cooking, because the glass was clear.

Bessie Littleton noted that the glass remained well in the oven and was easy to clean. Then she baked steaks and french fries in the next.

Corning slightly changed the Nonex formula to develop a new consumer product line. In 1915, Corning made 12 dishwashers under the new brand name Pyrex.

  The first Corning advertisement for Pyrex presented in the October 1915 edition of Good Housekeeping Magazine.

19659012] Initially, Pyrex was a great success for Corning, but sales declined during the Great Depression. Corning lowered prices and repositioned his brand as a dishwashing product for everyone.

Corning started a test kitchen with 35 employees. Finally, CorningWare produced ceramic baking and Corelle glass laminate plates and bowls.

In 1998, Corning decided to focus on its scientific and technical glass businesses. It sold its consumer products division, which was renamed World Kitchen. In 2017, the name was changed again to Corelle. Corning continues to sell glass laboratory equipment under the Pyrex brand.

The story of Instant Pot

Robert Wang began working with Instant Pot in 2009 with a couple of Canadian technology veterans. He sought to disrupt the homemade food market, as Wang has said, barely had the news in recent decades.

After 18 months of research and much effort and error, Instant Brands released its 5-in-1 Instant Pot. There was a combination pressure cooker / slow cooker / rice cooker / steamer and warmer.

Instant Pot was a snapshot, which gave Wang & Co. sufficient capital to improve the gadget's design and functionality. In 2012, the company created a 6-in-1 programmable pressure cooker. Now, the company makes Bluetooth-enabled Instant Pots that wirelessly connect to their customers' phones.

6-in-1 Instant Pot became a bestseller on Amazon. Finally, Instant Pot Duo became the best-selling product on Amazon in all categories. And the company's Facebook group has almost 2 million followers.

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