NORTEK, INC. RECAPS SUCCESSFUL 2001

NORTEK, INC. RECAPS SUCCESSFUL 2001 AT ANNUAL MEETING

Net Sales of $1.86 Billion Were Ahead of Previous Year

PROVIDENCE, RI, May 2, 2002 - In remarks today at the Nortek, Inc. (NYSE:NTK) annual meeting of stockholders, Richard L. Bready, Chairman and Chief Executive Officer, said that despite a challenging economic environment and other unforeseen events in 2001 the company achieved a strong financial performance and continued to build significant shareholder value.

Mr. Bready emphasized that Nortek continued strong sales momentum and maintained or increased market share in most of its key business segments. "Results for the year were very satisfactory even though we had to contend with a general malaise in world economies and the tragic events of September 11 in the United States. Additionally, the Company had to deal with a cool and wet spring, which reduced the demand for residential air conditioning products, and continued softness in the manufactured housing industry."

Mr. Bready recapped several positive financial and operational results from continuing operations: Net sales for 2001 were $1.86 billion, up slightly from the previous year's results; EBITDA was $217 million, on par with 2000; earnings were $34.5 million; and diluted earnings per share were $3.09. He added that the Company ended the year with a strong balance sheet that included $256 million in unrestricted cash and marketable securities. Another key accomplishment was the refinancing of the Company's 9 7/8 percent senior subordinated notes due 2004 with a new issue of 9 7/8 percent senior subordinated notes due 2011.

Commenting on the future direction of the Company, Mr. Bready said, "Nortek will remain focused on the strategic initiatives that have made it successful. These include broadening our offerings of high quality products and focus on branding; growing our existing businesses and expanding distribution both domestically and internationally; seeking acquisitions where appropriate; and reducing and controlling costs wherever possible."

Re-Election of Two Directors

In other annual meeting news, J. Peter Lyons and William I. Kelly were re-elected to new three-year terms on the Nortek Board of Directors. Mr. Lyons, chairman of The Lyons Companies (a consulting service for employee insurance benefits) has been on the board since 1991. Mr. Kelly, a member of the board since 1996, is managing director for American Express' Tax and Business Services, Boston region.

On April 18, Nortek announced that a Special Committee of the Nortek Board of Directors had retained Morgan Stanley & Co. Incorporated as the Special Committee's financial advisor to assist it in evaluating a previously announced proposal from Kelso & Company, L.P., a private equity firm based in New York City, to acquire the Company in partnership with certain members of the Company's current management. Under the current Kelso proposal, all stockholders of Nortek, with the exception of certain members of management, would receive $40 in cash for each of their shares.

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.