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NORTEK ACQUIRES EATON-WILLIAMS HOLDINGS LIMITED A Leading European Supplier of Air Conditioning Equipment To the Telecommunications Industry Nortek, Inc. announced today it has acquired Eaton-Williams Holdings Limited ("Eaton Williams"), of Edenbridge, England. Eaton-Williams designs, manufactures, installs and services a leading range of custom-made and standard humidification and air conditioning equipment under the following brand names: Vapac®, Cubit®, Qualitair®, Edenaire®. For its fiscal year ended March 31, 2000, the company reported sales of approximately £27 million ($41 million). Terms of the acquisition were not disclosed. Richard L. Bready, Nortek's Chairman and Chief Executive Officer, stated, "Eaton-Williams represents an exceptional strategic opportunity for our Air Conditioning and Heating Products Group. Eaton-Williams is viewed as one of Europe's leading specialist suppliers of air conditioning equipment to the telecommunications industry and is expected to see continued strong demand for its products as its telecommunications customers, which include BT and Cable and Wireless, add capacity to their networks to meet increased demand for internet traffic. The acquisition is strategically important because it allows Nortek to actively participate in the rapidly growing European telecommunications marketplace. In addition, a European manufacturing base gives Nortek's U.S.-based commercial HVAC companies a stronger platform for sales opportunities in this important market." He also stated, "I am very pleased that Eaton-Williams' strong management team is remaining and is committed to helping Nortek become a major factor in the European commercial air conditioning markets." Nortek's Air Conditioning and Heating Products Group represents nearly 30 percent of the company's sales. Companies in this business segment manufacture custom environmental systems for commercial and industrial markets and air conditioning systems, furnaces and heat pumps for residential markets. Nationally recognized brand names for commercial markets include Governair®, Mammoth®, Temtrol®, Ventrol® and Webco; for the residential site-built market include Frigidaire®, Tappan®, Philco®, Gibson® and Kelvinator®; and for manufactured housing, Intertherm®, Miller® and Powermiser®. 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. *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 expectations and involve risks that could cause actual future results to be materially different from those set forth in the forward-looking statements. Important factors impacting such forward looking statements include changes in the availability and cost of purchased components, general economic conditions and other risks detailed in the Company's reports filed with the Securities and Exchange Commission.
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