NORTEK ACQUISITION EXPANDS ITS PRODUCT OFFERING FOR HOMEBUILDERS

PROVIDENCE, RI, April 28, 2005—In a move to expand its home-technology product offering, Nortek, Inc. (“Nortek”), a leading international designer, manufacturer and marketer of high-quality branded building products, today announced that its Linear Corporation subsidiary has acquired Panamax, Inc. (“Panamax”), a designer and distributor of innovative power conditioning and surge protection products that improve the audio and video quality and prevent the loss or damage of home and small business electronics equipment due to power disturbances.

Panamax is a privately held firm located in Petaluma, California. Terms of the acquisition were not disclosed.

Panamax’s products are designed to safeguard and improve the quality of the electrical current of a wide array of equipment including home theater, direct broadcast satellite systems, computers, telephone systems and copiers. Through Panamax, Nortek will benefit from the growth in the custom home automation/home entertainment market, which is being driven by the proliferation of such products as flat panel displays, whole house audio/video distribution systems, home networks, music servers, satellite and cable television and the Internet. Panamax’s product lines and dealer networks complement those of Elan, OmniMount, Xantech and SpeakerCraft, Linear subsidiaries which also manufacture and sell products to distribute audio, video and data in residences. These companies as a group are positioned to become a market leader in this industry segment.

Richard L. Bready, Nortek’s Chairman and Chief Executive Officer, said, “Panamax complements Nortek’s existing businesses that offer a wide range of products for the home. The acquisition of Panamax gives Nortek additional opportunity to grow Nortek’s presence in the custom installed home theater and electronics market.” Mr. Bready added that he is very pleased that Bill Pollock, John Maloney and Bob Smith, the management team of Panamax, are remaining with the company to lead its continued growth.

Nortek* (a wholly owned subsidiary of Nortek Holdings, which is a wholly owned subsidiary of NTK 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; 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 Nortek’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. Nortek 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 reports and filings of Nortek with the Securities and Exchange Commission.

 

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