Department 56 to Acquire Lenox

Department 56 Inc. will acquire collectibles direct marketer Lenox Inc. for $190 million.

The Eden Prairie, MN company said it plans retain current Lenox management and operate the business in the near term as a separate unit.

With the acquisition, Department 56 will nearly quadruple its annual sales, from $165 million to $630 million.

The transaction is expected to close by the end of the company's third quarter.