Salton today said it offered to increase its interest in Amalgamated Appliance Holdings Limited to a majority stake. Salton, Inc.'s wholly-owned subsidiary, Salton Hong Kong Limited, offered to increase its 30.8-percent interest in Amalgamated to 52 percent. Amalgamated manufactures and distributes appliances and electrical accessories, primarily to the South African market.
Salton made an initial investment in Amalgamated in 1999. The new all-cash transaction is valued at approximately $6.0 million and is expected to close in the spring of 2003, subject to closing conditions customarily associated with South Africa transactions.
"Based upon the success of our initial investment, we are looking forward to further strengthening our relationship with Amalgamated," said Salton CEO Leonhard Dreimann. "Furthering our successful strategy to increase Salton's international market share, we believe this transaction will provide for continued growth and expansion of our brands and product categories, such as George Foreman and Westinghouse, in the South African market."
Salton, Inc. is a leading U.S-based designer, marketer, and distributor of small appliances under brand names such as:
Salton also designs and markets tabletop, time, lighting, and personal care and wellness products. Brands include:
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