Monday August 30, 2:23 pm Eastern Time
Company Press Release
Salton, Inc. Enters Into Agreement to
Acquire 21% Interest in Amalgamated
Appliance Holdings Limited
MT. PROSPECT, IL--(BUSINESS WIRE)--August 30, 1999--Salton, Inc. (NYSE: SFP - news)
today announced that it has agreed to purchase approximately 21% of the outstanding shares of
Amalgamated Appliance Holdings Limited, a leading manufacturer and distributor of a wide range of
branded consumer electronics and appliances, for approximately $6 million. Based in South Africa,
Amalgamated is a publicly held company, listed on the Johannesburg Stock Exchange, which owns
the rights to the Salton brand name in South Africa. In conjunction with this transaction, Leon
Dreimann, Chief Executive Officer of Salton, Inc., will be added to Amalgamated's Board of
Directors. The completion of the purchase is subject to a number of conditions including approval by
Amalgamated Appliance Holdings' shareholders.
Mr. Dreimann commented, ''We look forward to becoming a significant shareholder in
Amalgamated and in participating in the growth opportunities offered by the South African
marketplace. Our affiliation with Amalgamated will afford us the opportunity to not only market new
products to the South African marketplace, but will also provide us with additional sourcing
opportunities. We plan on working closely with Amalgamated in order to best capitalize on these
opportunities.''
Jack Cohen, Chairman of Amalgamated Appliance Holdings Limited, stated, ''We are delighted that
Salton will be taking a substantial position in Amalgamated. With Salton's interest and Leon
Dreimann as a member of our Board of Directors, we will be well-positioned for future growth.''
Salton, Inc. is a leading domestic designer, marketer and distributor of a broad range of branded,
high quality small appliances, tabletop products and personal care/time products. Its portfolio of
well-recognized owned and licensed brand names includes Salton®, Toastmaster®, Maxim®,
Breadman®, Juiceman®, George Foreman Grills®, White-Westinghouse®, Farberware®,
Melitta®, Block® China, Atlantis®, Sasaki®, Rejuvenique®, and Ingraham®.
Amalgamated Appliance Holdings Limited is a South African-based manufacturer and distributor of
a wide range of branded consumer electronics and appliances. Amalgamated's portfolio of brands
includes Salton®, Pineware®, Berda®, Haz®, Powerpoint®, Turbodryer®, Westpoint®,
BaByliss®, Hoover®, De Longhi®, Tedelex®, Brother®, Empisal®, Pioneer®, Sansui®, and
Toshiba®.
Certain matters discussed in this news release are forward- looking statements that are subject to
certain risks and uncertainties that could cause actual results to differ materially from those set forth
in the forward-looking statements. These factors include: the integration of Toastmaster, including the
failure to realize anticipated revenue enhancements and cost savings; the Company's relationship and
contractual arrangements with key customers, suppliers and licensors; the risks relating to pending
legal proceedings; cancellation or reduction of orders; the timely development, introduction and
customer acceptance of the Company's products; dependence on foreign suppliers and supply and
manufacturing constraints; competitive products and pricing; economic conditions and the retail
environment; the availability and success of future acquisitions; the Company's degree of leverage;
the risks related to intellectual property rights; year 2000 issues and other risks and uncertainties
detailed from time to time in the Company's Securities and Exchange Commission filings Securities
and Exchange Commission filings.
Contact:
Salton, Inc.
William B. Rue
President and Chief Operating Officer
(847) 803-4600
or
Investor Relations:
Cheryl Schneider/Hulus Alpay
Press: Michael McMullan/David Nugent
Morgen-Walke Associates
(212) 850-5600 |
