Salton (NYSE:SFP)
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From Jun 2019 to Jun 2024
Salton, Inc. (NYSE: SFP) today announced that the Board of Directors and
management of the company believe that, in light of the consolidation in
the small household appliance market and recent expressions of interest
by third parties in possible transactions with the company, it is now
appropriate to initiate an external process to explore strategic
alternatives to enhance stockholder value. As a result, the Board of
Directors has formed a special committee comprised of three independent
Board members and has engaged Houlihan Lokey Howard & Zukin Capital Inc.
as its financial advisor to assist the Board and the Special Committee
in this process, which could include a sale or merger of the company.
Salton emphasized that there can be no assurance that any transaction
will occur or, if one is undertaken, of its potential terms or timing.
Salton may not update its progress or disclose developments with respect
to potential strategic initiatives unless the Board of Directors has
approved a definitive course of action or transaction.
About Salton, Inc.
Salton, Inc. is a leading designer, marketer and distributor of branded,
high-quality small appliances, home decor and personal care products.
Its product mix includes a broad range of small kitchen and home
appliances, electronics for the home, time products, lighting products,
picture frames and personal care and wellness products. The Company
sells its products under a portfolio of well recognized brand names such
as Salton®, George Foreman®,
Westinghouse (TM), Toastmaster®, Melitta®,
Russell Hobbs®, Farberware®,
Ingraham® and Stiffel®.
It believes its strong market position results from its well-known brand
names, high-quality and innovative products, strong relationships with
its customer base and its focused outsourcing strategy.
Certain matters discussed in this press 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: Salton’s
ability to repay or refinance its indebtedness as it matures and satisfy
the redemption obligations under its preferred stock; Salton’s
ability to realize the benefits it expects from its U.S. restructuring
plan; Salton’s substantial indebtedness and
restrictive covenants in Salton’s debt
instruments; Salton’s ability to access the
capital markets on attractive terms or at all; Salton’s
relationship and contractual arrangements with key customers, suppliers
and licensors; pending legal proceedings; cancellation or reduction of
orders; the timely development, introduction and customer acceptance of
Salton’s products; dependence on foreign
suppliers and supply and manufacturing constraints; competitive products
and pricing; economic conditions and the retail environment;
international business activities; the risks related to intellectual
property rights; the risks relating to regulatory matters and other
risks and uncertainties detailed from time to time in Salton’s
Securities and Exchange Commission Filings.
Salton, Inc. (NYSE: SFP) today announced that the Board of
Directors and management of the company believe that, in light of the
consolidation in the small household appliance market and recent
expressions of interest by third parties in possible transactions with
the company, it is now appropriate to initiate an external process to
explore strategic alternatives to enhance stockholder value. As a
result, the Board of Directors has formed a special committee
comprised of three independent Board members and has engaged Houlihan
Lokey Howard & Zukin Capital Inc. as its financial advisor to assist
the Board and the Special Committee in this process, which could
include a sale or merger of the company.
Salton emphasized that there can be no assurance that any
transaction will occur or, if one is undertaken, of its potential
terms or timing. Salton may not update its progress or disclose
developments with respect to potential strategic initiatives unless
the Board of Directors has approved a definitive course of action or
transaction.
About Salton, Inc.
Salton, Inc. is a leading designer, marketer and distributor of
branded, high-quality small appliances, home decor and personal care
products. Its product mix includes a broad range of small kitchen and
home appliances, electronics for the home, time products, lighting
products, picture frames and personal care and wellness products. The
Company sells its products under a portfolio of well recognized brand
names such as Salton(R), George Foreman(R), Westinghouse (TM),
Toastmaster(R), Melitta(R), Russell Hobbs(R), Farberware(R),
Ingraham(R) and Stiffel(R). It believes its strong market position
results from its well-known brand names, high-quality and innovative
products, strong relationships with its customer base and its focused
outsourcing strategy.
Certain matters discussed in this press 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: Salton's ability to repay or refinance its indebtedness as it
matures and satisfy the redemption obligations under its preferred
stock; Salton's ability to realize the benefits it expects from its
U.S. restructuring plan; Salton's substantial indebtedness and
restrictive covenants in Salton's debt instruments; Salton's ability
to access the capital markets on attractive terms or at all; Salton's
relationship and contractual arrangements with key customers,
suppliers and licensors; pending legal proceedings; cancellation or
reduction of orders; the timely development, introduction and customer
acceptance of Salton's products; dependence on foreign suppliers and
supply and manufacturing constraints; competitive products and
pricing; economic conditions and the retail environment; international
business activities; the risks related to intellectual property
rights; the risks relating to regulatory matters and other risks and
uncertainties detailed from time to time in Salton's Securities and
Exchange Commission Filings.