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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JULY 11, 1996
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WINDMERE-DURABLE HOLDINGS, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-10177 59-1028301
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
WINDMERE-DURABLE HOLDINGS, INC.
5980 MIAMI LAKES DRIVE
MIAMI LAKES, FLORIDA 33014
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (305) 362-2611
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ITEM 5. OTHER EVENTS
The Registrant incorporates herein by reference the information
disclosed in Exhibit 99 filed herewith.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibit 99. Press release of Windmere-Durable Holdings, Inc. dated
July 11, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WINDMERE-DURABLE HOLDINGS, INC.
Date: July 25, 1996 By: /s/ Harry D. Schulman
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Harry D. Schulman
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WINDMERE(R)
WINDMERE CORPORATION
5980 MIAMI LAKES DRIVE, MIAMI LAKES, FL 33014-2467
PHONE: (305) 362-2611
FAX: (305) 364-0635
F O R I M M E D I A T E R E L E A S E
CONTACT: Cindy Solovei
Assistant Vice President--Finance
Windmere-Durable Holdings
(305) 362-2611
or
Bill Rue, Senior Vice President
and Chief Operating Officer
Salton/Maxim Housewares
(847) 803-4600
WINDMERE-DURABLE HOLDINGS AND SALTON/MAXIM HOUSEWARES COMPLETE
FORMATION OF STRATEGIC ALLIANCE
WINDMERE-DURABLE HOLDINGS ACQUIRES 50% INTEREST IN SALTON/MAXIM HOUSEWARES
Miami Lakes, Florida and Mount Prospect, Illinois (July 11, 1996)--Windmere-
Durable Holdings, Inc., (NYSE:WND) and Salton/Maxim Housewares Inc.
(Nasdaq:SALT) today announced that Windmere-Durable has completed its
acquisition of 50% of Salton/Maxim, following yesterday's approval of the
transaction by Salton/Maxim's shareholders. Salton/Maxim issued approximately
6.5 million shares of its common stock to Windmere-Durable in exchange for
748,112 shares of Windmere-Durable common stock, a $10.8 million note, and a
cash payment of $3.2 million. The transaction was originally announced on
February 28, 1996.
David M. Friedson, Windmere-Durable's Chairman, President and Chief Executive
Officer, stated, "Consummation of this purchase brings us a step closer to
building a larger presence in consumer products and establishing a well
recognized brand, with the White-Westinghouse(R) name licensed by Salton/Maxim
earlier this year. We are joining forces with an organization whose strengths in
marketing and distribution will both complement and maximize our own
capabilities."
Leonhard Dreimann, Chief Executive Officer of Salton/Maxim, stated, "We are
very pleased to be allied with Windmere-Durable Holdings. Today's transaction
is the first step in building a closer relationship between our companies. We
look forward to working with Windmere-Durable's people on mutually rewarding
business development."
Salton/Maxim Housewares, headquartered in Mount Prospect, Illinois, designs and
markets small kitchen appliances and beauty care products under the Salton(R),
Maxim(R), Salton CreationsTM, Salton TimeTM, and White-Westinghouse(R) brand
names. The Company's products also include the BreadmanTM and JuicemanTM product
lines.
Windmere-Durable Holdings, Inc., is a diversified manufacturer and distributor
of a broad range of consumer products, including personal care products for the
home and professional salons, kitchen electric appliances, and consumer
electronics. The Company also markets the Litter MaidTM computerized, infrared,
automatic self-cleaning cat litter box.
