Salton Inc. (NYSE:SFP)
Industry: Consumer Goods
Salton, Inc. (Salton), incorporated in October 1991, is a designer, marketer and distributor of branded small appliances, home decor and personal care products. The Company's product mix includes a range of small kitchen and home appliances, electronics for the home, tabletop products, time products, lighting products, picture frames, and personal care and wellness products. Its product divisions include Small Appliances and Electronics for the home, Home Decor, and Personal Care and Wellness. Salton sells its products under brand names, such as Salton, George Foreman, Westinghouse, Toastmaster, Melitta, Russell Hobbs, Farberware, Ingraham and Stiffel. The Company markets and sells its products in North America, South Africa, Europe, Asia, Australia, New Zealand, South America and the Middle East. On September 29, 2005, Salton completed the sale of its 52.6% ownership interest in Amalgamated Appliance Holdings Limited (AMAP), a distributor and marketer of small appliances and other products in South Africa. The Company sells its products to mass merchandisers, department stores, specialty stores and mail order catalogs. Its customers include retailers, such as JD Group Ltd, Target Corporation, Wal-Mart Stores, Inc., Argos Limited, J.C. Penney Company, Inc., Bed Bath & Beyond Inc., The May Company Department Stores, Dixon Stores Group Limited and Kohl's Department Stores. Salton also sells certain products directly to consumers through paid half-hour television programs referred to as infomercials, its Internet Websites and its retail outlets. Salton has entered into several joint product development relationships with third parties to develop, market and distribute products. These joint product relationships include the arrangement with Melitta North America, Inc., to develop and market the Melitta One:One Coffeemaker that uses Melitta coffee pods to make an individual mug of coffee in less than 60 seconds. The Company also has a joint product relationship with the Columbian Coffee Federation, the non-profit organization behind the Juan Valdez brand, and Italian manufacturer Rossi Corporation SRL to market and distribute a coffee brewing system utilizing single-serve pods of Columbian specialty coffee in the United States and other global markets. Small Appliances and Electronics for the Home Salton designs, markets and distributes a line of small appliances and electronics for the home. These products consist of heating appliances, motor-driven appliances, beverage makers, cookware and floor care. In addition, this division included products offered by AMAP. These products consisted primarily of electronic devices, such as televisions, music and video equipment. The Company also offers the George Foreman-branded product line that started as a single grill in 1995. Since 1995, Salton has sold over 70 million units of the George Foreman line worldwide. The George Foreman-branded product line accounted for approximately 28.6% of the Company's sales during the fiscal year ended July 2, 2005 (fiscal 2005). During fiscal 2005, Salton launched the first series of the George Foreman Grills with removable plates (The Next Grilleration). The George Foreman G5 Next Grilleration features five interchangeable, dishwasher safe plates that can be used as a grill or griddle and for baking, as well as making waffles. Home Decor The home decor range of products consists of tabletop products, picture frames, time and lighting products marketed by the Company's Salton At Home Division. Salton's time products include a variety of clocks and timers under brand names, such as Ingraham, Westclox and Timex. It also markets lighting products under the Stiffel brand. On September 16, 2005, the Company completed the sale of certain tabletop assets to Lifetime Brands, Inc. In connection with this transaction, Salton divested its Block and Sasaki brands, licenses to Calvin Klein and Napa Style tabletop products, and distribution of upscale crystal products under the Atlantis brand. In addition, the Company entered into a license
As Of: 10/07 00:00 ET
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