The Y-Product

We present a topological construction that provides many examples of non-commutative Frobenius algebras that generalizes the well-known pair-of-pants. When applied to the solid torus, in conjunction with Crane-Yetter theory, we provide a topological proof of the Verlinde formula. We also apply the construction to a solid handlebody of higher genus, leading to a generalization of the Verlinde formula (not the higher genus Verlinde formula); in particular, we define a generalized $S$-matrix. Finally, we discuss the relation between our construction and Yetter's construction of a handle as a Hopf algebra, and give a generalization.