Salton Seeks Majority Stake in South African Appliance Maker Feb 13, 2003

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Salton Inc. subsidiary Salton Hong Kong Ltd. is seeking to acquire a majority stake in Amalgamated Appliance Holdings Ltd., which manufactures and distributes appliances and electrical accessories, primarily to the South African market.

Salton Hong Kong presently has a 30.8-percent interest in Amalgamated.

Salton made this initial investment in 1999, an all-cash transaction valued at about $6 million and expected to close this spring. The closing is subject to customary closing conditions associated with these types of transactions in South Africa.

Leonhard Dreimann, CEO of Salton, said, “Based upon the success of our initial investment, we are looking forward to further strengthening our relationship with Amalgamated. 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."

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