"ARCHITECTURAL AUDIO PRODUCTS" COMPANY EXPANDS NORTEK'S PRODUCT OFFERING FOR HOMEOWNERS

PROVIDENCE, RI, July 15, 2003-In a move to expand its product offering for the nation's homeowners, Nortek, Inc. today announced that its Linear Corporation subsidiary has acquired SpeakerCraft, Inc. ("SPC"), a leading designer and supplier of architectural loudspeakers and audio products used in residential custom applications. Terms of the acquisition were not disclosed.

SPC's products consist of in-wall and in-ceiling loudspeakers and related components used to produce and control sound and video. Consumers choose architectural loudspeakers for their superior aesthetic appeal, flexibility of placement and efficient space utilization.

Through SPC, Nortek will benefit from the growth in the custom-home entertainment and distributed audio markets, which is being driven by the proliferation of such products as VCRs, cable, DVD systems, laser discs, satellite television and the Internet. SPC's product lines and dealer networks complement those of ELAN, Xantech and Multiplex-other Linear subsidiaries that also manufacture and sell products to distribute audio, video and data in residences. As a group, these companies are positioned to become market leaders in this industry segment.

Richard L. Bready, Nortek's Chairman and Chief Executive Officer, said that "SPC complements Nortek's existing businesses that offer a wide range of products for the home. The acquisition of SPC gives Nortek additional opportunity to grow Nortek's presence in the custom installed audio, video and data distribution market." Mr. Bready added that he was very pleased that Jeremy Burkhardt, President of SpeakerCraft, is remaining with the company to lead its continued growth.

Nortek (a wholly-owned subsidiary of Nortek Holdings, Inc.) 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. Nortek 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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