NORTEK ACQUIRES SENIOR AIR SYSTEMS Company is a Leading UK Manufacturer and Supplier of Air Conditioning Equipment PROVIDENCE, RI, June 18, 2001 - Nortek Inc. (NYSE:NTK), continuing to strengthen its European manufacturing base, today announced that it has acquired the business and assets of Senior Air Systems ("SAS") from a wholly owned subsidiary of Senior Plc. SAS, a Stoke-on-Trent, England, company that manufacturers and sells air conditioning equipment, will become part of Eaton-Williams Group Limited ("Eaton-Williams"), a UK-based Nortek operating company. Terms of the acquisition were not disclosed.
SAS, which currently manufactures its products under the Moducel and Colman brand names, specializes in sales to the non-residential HVAC markets. Eaton-Williams, a company that was acquired by Nortek in July, 2000, designs, manufacturers, installs and services a leading range of custom-made and standard air conditioning and humidification equipment under the Endenaire®, Qualitair®, Vapac®, and Cubit® brand names.
Richard L. Bready, Nortek's Chairman and Chief Executive Officer, said, "The acquisition of SAS is an ideal fit for our expanding presence in Europe and beyond. After the acquisition, pro-forma sales of Eaton-Williams will be approximately £50 million, which will make it the leading UK manufacturer of custom air conditioning products. "This acquisition is important on several fronts: it immediately expands Eaton-Williams' product line; SAS' manufacturing capacity will enable us to build certain products in-house that have previously been outsourced; we gain necessary manufacturing capacity to meet future demand; and the strengthening of our European manufacturing base provides Nortek's U.S. based commercial HVAC companies with an enhanced platform for increased sales opportunities in this geographically important market."
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 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. The Company 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 Company's reports and filings with the Securities and Exchange Commission.
[ Back to News ] [ Back To News Archive ]