Salton, Inc. Announces Exclusive Licensing Agreement With Westinghouse; Salton Granted Right to Use Westinghouse Brand Name & Circle W Trademark.
LAKE FOREST, Ill.--(BUSINESS WIRE)--April 22, 2002
Salton, Inc. (NYSE: SFP) today announced, it has signed an exclusive licensing agreement with Westinghouse Electric Corporation to use its marquis Westinghouse brand name, Circle W trademark, and the brand awareness statement "You can be sure . . . if it's Westinghouse" on certain product categories in North America, South America, Africa, Europe, Asia, and Australia-New Zealand.
The agreement will commence immediately and will last six years, ending on March 31, 2008. Upon completion of the six-year term, the agreement will be renewable for an additional five 5-year terms. Under the agreement, no initial capital investment is required from Salton. The Company will pay minimum royalties and sales to Westinghouse beginning in the third year of the agreement. The terms of the agreement give Salton the exclusive right to use the Westinghouse brand name and its trademarks on the following product categories: kitchen electrics, fans and heaters, personal care, table top air cleaners and humidifiers, clocks, and vacuums.
Leonhard Dreimann, Chief Executive Officer of Salton, commented, "Our agreement with Westinghouse marks another key milestone for Salton, as it aligns us with one of the leading brand names in the history of electric houseware appliances. We are extremely excited to welcome the premier Westinghouse brand, the world-renowned Circle W trademark and to capitalize on the widely recognized statement "You can be sure . . . if it's Westinghouse" into Salton's portfolio of brands. All three of these symbolize quality, convenience, and simplicity by virtually all people, regardless of the language they speak. We remain dedicated to our strategy of becoming a global leader in home appliances."
James F. Davis, Vice President of Westinghouse Electric Corporation, stated, "We are pleased to enter into this new relationship with Salton, one of the premier designers and distributors of small household appliances. The use of the Westinghouse marks on Salton's line of high-quality, innovative products will continue to build on the value of the Westinghouse brand."
About Salton, Inc.
Salton, Inc. is a leading domestic designer, marketer and distributor of a broad range of branded, high quality small appliances under well-recognized brand names such as Salton(R), George Foreman(TM), Toastmaster(R), Breadman(R), Juiceman(R), Juicelady(R), White-Westinghouse(R), Farberware(R), Melitta(R), Welbilt(R) and Aircore(R). Salton also designs and markets tabletop products, time products, lighting products and personal care and wellness products under brand names such as Block China(R), Atlantis(R) Crystal, Sasaki(R), Calvin Klein(R), Ingraham(R), Timex(R) Timers, Westclox(R), Big Ben(R), Spartus(R), Stiffel(R), Ultrasonex(TM), Relaxor(R), Russell Hobbs(R), Carmen(R), Hi-Tech(R), Tower(R), Haden(R), Mountain Breeze(R), Salton(R), and Pifco(R).
About Westinghouse Electric Corporation
Westinghouse Electric Corporation is the owner/licensor of the famous Westinghouse trademarks-Westinghouse, the Circle W logo and "You can be sure . . . if it's Westinghouse." Westinghouse licenses these marks worldwide for use on a wide range of industrial and consumer products and services. Westinghouse Electric Corporation is a wholly-owned subsidiary of Viacom Inc.
Certain matters discussed in this news 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: the Company's relationship and contractual arrangements with key customers, suppliers and licensors; the risks relating to pending legal proceedings; cancellation or reduction of orders; the timely development, introduction and customer acceptance of the Company's products; dependence on foreign suppliers and supply and manufacturing constraints; competitive products and pricing; economic conditions and the retail environment; the availability and success of future acquisitions; the Company's degree of leverage; 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 the Company's Securities and Exchange Commission Filings.