8 April 1999: US-based home products manufacturer Salton Inc. said that it acquired certain assets of Sasaki Inc., a manufacturer of tabletop products and accessories, from Sasaki Glass Co. Ltd. of J…
8 April 1999: US-based home products manufacturer Salton Inc. said that it acquired certain assets of Sasaki Inc., a manufacturer of tabletop products and accessories, from Sasaki Glass Co. Ltd. of Japan. Under the terms, Salton bought Sasaki“s inventory except for the Christian Dior tabletop product line, and will license the Sasaki brand name for 20 years. Salton is also assuming some minor liabilities. Sasaki Inc. had 1998 revenues of US$ 9 million. Salton said the deal is expected to add to earnings in fiscal 2000. Meanwhile, Sasaki Glass, Japan“s largest glassware maker, said that it would write off approximately 22.3 billion yen in loan guarantees made on behalf of troubled affiliates for fiscal 1998, after failing to negotiate a release from its obligations from the three banks concerned, including Sakura Bank. Since this will result in the company ending the year with a 21.8 billion yen final loss, with equity of just 12.8 billion yen, it will be over extended by approximately 9.1 billion yen.