Small appliance maker Applica Incorporated announced that it has extended its trademark license agreement with The Black & Decker Corporation through December 2010.
As part of its acquisition of the Black & Decker Household Products Group in June 1998, Applica licensed the Black & Decker(R) brand in North America, Central America, South America (excluding Brazil), and the Caribbean for specific household appliances. Under the agreement as extended, Applica has agreed to continue to pay The Black & Decker Corporation guaranteed minimum royalty payments of U.S. $12.5 million in each year through 2010. The Black & Decker Corporation had previously extended the license through December 2006.
"This second extension is another positive step in our mutually rewarding alliance with The Black & Decker Corporation," commented Harry D. Schulman, Applica's president and CEO. “Since the acquisition in 1998, we have extended the brand to an additional 13 categories, and we are excited about our new product road and the categories slated to be added in the future."
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