PROVIDENCE, RI, November 6, 1998- Nortek Inc.(NYSE:NTK) today reported that it has entered into an agreement to sell the businesses of two wholly owned subsidiaries, M&S Systems LP of Dallas, Texas, and Moore-O-Matic, Inc. of Carlsbad, California to The Chamberlain Group, Inc. Terms of the transaction were not disclosed. Consummation of the transaction is subject to customary conditions and, as to M&S Systems, approval by the Federal Trade Commission pursuant to a consent agreement entered into by Nortek and the Federal Trade Commission as part of the FTC’s approval of Nortek’s acquisition of NuTone Inc., in July of this year.

M&S Systems sells intercoms, built-in music and audio systems, central vacuum systems and related products. Moore-O-Matic sells automatic garage door openers, gate operators and electronic transmitters. The two companies had combined sales of $40.4 million for 1997.

 Richard L. Bready, Chairman and CEO of Nortek, stated, "The divestiture of M&S represents the final step in our purchase of NuTone. Funds generated from the sale will be redirected to internal growth programs and the integration of NuTone."

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, wood and vinyl windows and doors, vinyl siding products, indoor air quality systems, and specialty electronic 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 at no charge.

# # #

  

[ Back To News ] [ Back To News Archive ]