PROVIDENCE, RI, September 2, 1998—Nortek, Inc.(NYSE:NTK) announced today that a wholly owned subsidiary of Nortek has agreed to acquire Napco, Inc., a privately held manufacturer of exterior building products headquartered in Valencia, Pennsylvania.Consummation of the transaction is subject to customary conditions, including expiration of the applicable waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended. The acquisition is expected to close in late September or early October.

Napco has been a supplier of top-quality building products for more than 30 years. It manufactures four principal product lines: (a) vinyl siding, soffit and accessories, marketed under the American Comfort , American Herald and American ’76 collections labels; (b) vinyl window systems, marketed under the Premium and American Comfort labels; (c) accessory products, including aluminum-trim coil, soffit, rainware and related specialty products; and (d) coil coating.

Napco’s manufacturing operations are conducted in three company-owned plants that are located within a few miles of each other in western Pennsylvania, 25 miles north of Pittsburgh. Napco had sales of $91.1 million for the year ended December 31, 1997.

Richard L. Bready, Nortek’s Chairman and Chief Executive Officer, stated, "The acquisition of Napco and NVP represent an exciting step forward in the implementation of our strategy of concentrating Nortek’s expansion efforts on the higher growth segments of the building-products market. Napco’s products, distribution channels and customer base complement ours and we are looking for synergies in both sales and operating leverage, particularly with our Variform subsidiary."

Mr. Bready continued, "By offering superior customer service and high-quality products, Napco has experienced exceptional growth in its customer base over the last five years. Additionally, their top-line sales growth has resulted from strategic product-line expansions, an approach consistent with our own business model."

Terms of the proposed transaction were not disclosed.

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


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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