LAKE FOREST, Ill.--The board of directors of Salton has set Friday, Dec. 28, as the date for a special meeting of stockholders to vote on its merger with Applica.
The company entered into a second agreement to merge with Applica in early October, after the original merger agreement between the two companies was called off in late July. Applica was purchased by Harbinger Capital Partners in January, and under the terms of the new merger agreement, Harbinger would own 92 percent of Salton's stock.
William Lutz, Salton's interim chief executive officer, said the merger "is the best strategic alternative available to enhance stockholder value."
The combined Salton and Applica operation is expected to realize annual revenues of from $1.1 billion to $1.2 billion, making it one of the largest housewares manufacturers in the U.S. market.
