LAKE FOREST, Ill.–The stockholders of Salton have voted to approve the company’s merger with Applica, ending an almost year-long process of bringing together the two housewares powerhouses.
As a result of the vote, which took place late last week, Harbinger Capital Partners, Applica’s parent company, has become the controlling stockholder of Salton, owning about 92 percent of the outstanding shares of Salton’s common stock. In addition, Terry Polistina, Applica’s chief operating officer, has been elected chief executive officer of Salton, and Ivan Habibe, Applica’s chief accounting officer, has been elected vice president and chief financial officer.
In a Salton statement, Polistina said the link with Harbinger will allow the combined Salton-Applica “to seek synergistic acquisitions to create value for shareholders, while bolstering the combined company’s geographical reach and product offerings.”
Salton entered into its first merger agreement with Applica last February, shortly after Harbinger completed its acquisition of Applica, but that merger fell through in late July. The two companies announced a second merger agreement in October. The combined Salton-Applica operation is expected to achieve annual sales of from $1.1 billion to $1.2 billion.