PROVIDENCE, RI, March 10, 1998-Nortek, Inc. (NYSE:NTK) today announced it has agreed to purchase NuTone Inc., a wholly-owned subsidiary of Williams plc, for $242.5 million cash.

NuTone is a leading U.S. manufacturer and supplier of built-in home products for use in residential construction and remodeling. Based in Cincinnati, it sells primarily to the North American market, operating in Canada through its wholly-owned subsidiary, NuTone Canada, Inc. NuTone's product range includes exhaust fans, range hoods, door chimes, intercoms, central vacuum cleaners and bathroom cabinets and accessories.

The acquisition is subject to the Hart Scott Rodino filing requirements of the U.S. Federal Trade Commission ("FTC"). The FTC is reviewing the proposed transaction and has issued a request for additional information. It is anticipated that completion of the transaction will take place within 45 days of clearance by the FTC.

Richard L. Bready, Nortek's Chairman and Chief Executive Officer, noted that "this acquisition complements Nortek's product offering and further expands Nortek's role as a supplier of products designed to enhance indoor living environments."

In the year ended December 31, 1997, NuTone had sales of approximately $199.0 million and EBITDA of approximately $30.2 million. As at December 31, 1997, operating net assets on a cash and debt-free basis were approximately $51.0 million. The consideration of $242.5 million is based on the acquired businesses being debt free at closing, with an agreed level of net assets. The consideration will be subject to adjustment dependent on the actual level of net assets as at closing.


This release contains forward-looking statements relating to future financial results. Actual financial performance may differ as a result of factors over which the Company has no control. Additional information which could affect the company's financial results is included in the Company's Securities and Exchange Commission filings, copies of which are available from Nortek at no charge.

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