George Foreman is known for many accomplishments in his life, from Olympic gold medalist boxer to successful businessman and celebrity spokesperson. One of his most famous business ventures was the George Foreman Grill, which became a wildly popular kitchen appliance. This leads many to wonder, did George Foreman sell his grill company?
The Invention of the George Foreman Grill
In the early 1990s, George Foreman partnered with Michael Boehm to develop an idea for an indoor electric grill that would cook meat quickly while draining away excess fat. In 1994, they produced and launched the George Foreman Grill. The simplicity and convenience of the grill made it an instant success.
By 1996, over 3 million George Foreman Grills had been sold. The wild popularity and profitability of the product attracted the attention of major corporations interested in buying the company. George Foreman Grill patents were sold to Salton, Inc. in 1999 for over $137 million.
Salton, Inc. Purchases George Foreman Grill Patents
In 1999, appliance maker Salton, Inc. paid George Foreman over $137 million to obtain the patents and rights to the George Foreman Grill. This allowed them to manufacture and distribute the product under the George Foreman brand name. George Foreman retained royalty rights as part of the deal.
For Salton, Inc., acquiring rights to the George Foreman Grill proved very profitable. They sold over 100 million George Foreman Grills globally over the next 15 years. George Foreman earned roughly 40-45% commissions on the profits through his royalty agreement. By 2004, it was estimated he had earned over $200 million from the endorsement deal.
Spectrum Brands Acquires George Foreman Grill Company
In 2005, Salton Inc. was purchased by Harbinger Capital Partners and renamed Applica. Then, in 2010, Applica and the George Foreman Grill brand were acquired by Spectrum Brands for $300 million.
Spectrum Brands continued to sell George Foreman Grills globally. As of 2016, over 122 million George Foreman Grills had been sold since it first launched in 1994. George Foreman has made a sizable fortune in royalties from the ongoing sales of the grills bearing his name.
George Foreman Grill Sales and Profits Over the Years
| Year | Major Owner | Units Sold (approx.) | George Foreman Estimated Earnings |
|---|---|---|---|
| 1994 | George Foreman / Michael Boehm | 1 million | $3.5 million |
| 1999 | Salton, Inc. | 42 million | $60+ million |
| 2004 | Salton, Inc. | 100 million | $200+ million |
| 2010 | Spectrum Brands | 122 million | $250+ million |
George Foreman No Longer Owns Grill Company
In summary, while George Foreman invented the iconic George Foreman Grill and initially manufactured and sold the product, he does not own the company that makes the grills anymore. In 1999 he sold the grill patents and rights to Salton, Inc. for over $137 million plus ongoing royalty payments.
Since then, the George Foreman Grill brand and company has changed hands from Salton to Applica to Spectrum Brands. However, George Foreman has continued collecting significant royalty checks over the years for the ongoing success of the grills bearing his name. While he is no longer owner, the George Foreman Grill continues to be a major source of wealth for the former boxing champ.
Conclusion
George Foreman initially owned and sold his innovative grilling appliance but has long since sold away the rights. His George Foreman Grill patents and company were acquired by Salton, Inc. in 1999 for over $137 million plus ongoing royalty payments on future sales. The product line and George Foreman Grill brand have changed ownership again since then but remained a steady stream of wealth for George Foreman personally. Though no longer owner of the company, the continual success of the George Foreman Grill has earned him over $200 million in the decades since he first developed and marketed the game-changing kitchen appliance back in 1994.