By James Wells
Lake Forest, ILLINOIS: US-based Salton Inc, the company behind the highly-successful George Foreman grill range has announced it is exploring the possibility of a sale or merger in light in of the consolidation within the small appliance industry.
In a statement issued overnight to shareholders, the NYSE-listed company said it has announced the appointment of a special committee to investigate what is described as “strategic alternatives”.
“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,” the statement said.
“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.”
In its statement, Salton emphasised 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.”