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Electric housewares maker Salton, Inc. announced it has entered into a definitive agreement to sell its 52.6 percent ownership interest in Amalgamated Appliance Holdings Limited (AMAP) to a group of investors led by Interactive Capital (Proprietary) Limited.
Salton said it expects to receive net of expenses proceeds of approximately U.S. $80 million in connection with the transaction. The closing is expected to occur in September 2005.
"The successful debt exchange offer we announced has allowed us to pursue initiatives, such as the sale of our ownership interest in AMAP, to increase our financial flexibility," said Leonhard Dreimann, chief executive officer of Salton.
"We will continue to aggressively explore other ways to improve our liquidity. While AMAP has been a great investment for Salton and continues to be a leading distributor and marketer of small appliances and other products in South Africa, the sale of our ownership interest will not end our relationship," Dreimann said. "We expect to continue to work closely with AMAP, which will continue to license and sell our George Foreman®, Russel Hobbs® and Carmen® branded products in South Africa."
In other news, Salton announced it has commenced production of the George Foreman® "G5" Next Grilleration. The grill, which is scheduled to be on retailers' shelves in October 2005, features five interchangeable plates. In addition to grilling, the G5 can be used as a griddle, for baking and making waffles. Suggested retail price is U.S. $129.99.
The grill features an 84-square-inch cooking surface with removable plates for cleaning. The grill has a variable temperature control and a tilt control knob that permits cooking flat on a counter top or for grilling at an angle.
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