NORTEK SELLS TWO OPERATING COMPANIES

THIRD QUARTER OUTLOOK

PROVIDENCE, RI, September 21, 2001 - Nortek Inc. a leading international designer, manufacturer and marketer of high-quality building products, today announced that its Ply Gem Industries, Inc. subsidiary has sold the stock of two Ply Gem subsidiaries, Peachtree Doors and Windows, Inc. and SNE Enterprises, Inc., to TPC Acquisition, Inc., Medford, Wisconsin. TPC Acquisition is owned by The Schield family, which also owns Weather Shield Mfg., Inc.

Peachtree Doors and Windows, headquartered in Norcross, Georgia, manufacturers fiberglass and steel entry doors and patio doors, aluminum clad wood windows and solid composite windows. Brand names include Newport II™ entry doors, Citadel™ patio doors, Ariel® windows and The Image™ Series of entry doors, patio doors and windows. SNE Enterprises, headquartered in Mosinee, Wisconsin, designs and manufactures wood and vinyl windows, patio doors, and glass and polycarbonate sky-lights. Its products are marketed under the Crestline®, Vetter®, and Kenergy® brand names.

In announcing the sale, Richard L. Bready, Chairman and Chief Executive Officer, said, "The Company has made the strategic decision to exit the wood window business and focus its financial and management resources on its growing market for vinyl products and other operations. The additional investment of time and capital that would be required to vertically integrate these businesses and achieve sufficient cost savings to generate adequate returns can be better invested in the Company's remaining operations.

"The sale of these assets is consistent with Nortek's commitment to continually review and strengthen its core businesses. We will now commit additional resources to expanding our lines of vinyl siding, windows for the remodeling and replacement markets, decking and related vinyl building accessories."

Proceeds from the sale are approximately $45 million, a portion of which will be used to prepay indebtedness. Nortek expects to record, in the third quarter of 2001, an approximate after-tax loss of between $1.75 and $2.00 diluted earnings per share on the sale of these two businesses, including an approximate pre-tax write off of unamortized intangibles of approximately $11.7 million. For the year ended December 31, 2000, these two businesses reported combined unaudited net sales of approximately $348 million, an operating loss of $145,000, and depreciation and amortization expense of $5.1 million. For the six-month period ended June 30, 2001, these two businesses reported combined unaudited net sales of approximately $143 million, an operating loss of $4.2 million and depreciation and amortization expense of $2.2 million. For the six-month period ended July 1, 2000, these two businesses reported combined unaudited net sales of approximately $168 million, an operating loss of $1.7 million and depreciation and amortization expense of $2.9 million.

The Company also said today that it anticipates that diluted per-share earnings from operations for the third quarter ending September 29, 2001, will be between 45 percent and 55 percent below third quarter 2000 results, which were $1.42 per share. These results are before the loss on the sale of the two businesses mentioned above. The Company said several factors have impacted business in the quarter. First, the tragic events that occurred on September 11 have caused a major slowdown of incoming orders and order releases throughout its operations. Secondly, the softness in the manufactured housing industry continues. Third, cool weather in the North American market has reduced the demand for air conditioning products. And finally, the Company is being impacted by a slowdown in worldwide expenditures for telecommunications infrastructure equipment. Nortek is expected to announce its full quarterly report in late October.

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; vinyl products, including windows and doors, siding, decking, fencing and accessories; 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.