NORTEK FILES FORM 8-K RECLASSIFYING ITS FORMER HOOVER SUBSIDIARY AS "DISCONTINUED"

PROVIDENCE, RI, October 11, 2002- Nortek, Inc. (NYSE:NTK), today announced that it filed in a Current Report on Form 8-K the audited consolidated balance sheets of Nortek, Inc. and subsidiaries as of December 31, 2001 and 2000, and the related audited consolidated statements of operations, stockholders' investment, and cash flows for each of the three years in the period ended December 31, 2001 and consolidated selected financial data as of December 31, 1997, 1998, 1999, 2000 and 2001 and for the five years ended December 31, 2001.

Under applicable rules and regulations of the Securities and Exchange Commission, the proxy statement to be delivered to stockholders in connection with the pending acquisition by an affiliate of Kelso & Company and management must include or incorporate by reference audited annual financial statements that reclassify any business sold, since the financial statements were originally published, as a discontinued operation for all periods presented in such statements. As previously announced, Nortek sold its Hoover Treated Wood Products, Inc. ("Hoover") subsidiary on April 2, 2002. Though this subsidiary was not a significant subsidiary within the meaning of applicable rules and regulations of the Securities and Exchange Commission, the rule requiring that Hoover be reclassified as a discontinued operation in the audited annual financial statements still applied. If Nortek had not sold this subsidiary no reaudit of its historical audited annual financial statements would have been required in connection with the preparation of the proxy statement. The reaudit does not result from any inquiry made by the Securities and Exchange Commission or any other party, and would be required of any similarly situated public company.

Except for the reclassification of Hoover as a discontinued operation, the reaudit confirmed, without change, the operating earnings, earnings per share, balance sheet and cash flow amounts previously reported.

Nortek* is a leading international manufacturer and distributor of high-quality, competitively priced building, remodeling and indoor environmental control products for the residential and commercial markets. The Company offers a broad array of products for improving the environments where people live and work. Its products include range hoods and other spot ventilation products; heating and air conditioning systems; vinyl products, including windows and doors, siding, decking, fencing and accessories; indoor air quality systems; and specialty electronic products.

*As used herein, the term "Nortek" refers to Nortek, Inc., together with its subsidiaries, unless the context indicates otherwise. This term is used for convenience only and is not intended as a precise description of any of the separate corporations, each of which manages its own affairs.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors impacting such forward-looking statements include the availability and cost of raw materials and purchased components, the level of construction and remodeling activity, changes in general economic conditions, the rate of sales growth, and product liability claims. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information, please refer to the Company's reports and filings with the Securities and Exchange Commission.

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