Nortek Completes Acquisition of Ergotron, Inc.
Innovative leader of ergonomic digital display mounting and mobility products to enhance Nortek's business portfolio.
PROVIDENCE, R.I., Dec. 17, 2010 - Nortek, Inc. ("Nortek") (OTC QB: NTKS), a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and home technology convenience and security products, announced today it has completed the previously announced acquisition of Ergotron, Inc. ("Ergotron"), a privately held company based in St. Paul, Minnesota, for an aggregate consideration of approximately $280 million on a cash and debt free basis. Ergotron is a global leader in the design, manufacture and marketing of innovative, ergonomic mounting and mobility products for computer monitors, notebooks and flat panel displays in the United States and other parts of the world.
For the twelve months ended September 30, 2010, Ergotron had unaudited net sales, operating earnings and depreciation and amortization expense of approximately $190 million, $28 million and $5 million respectively.
Ergotron's products include mounts, arms, carts and workstations that attach to a variety of display devices. The company sells its products under its own brand to I.T. distributors and resellers as well as to leading OEM partners in the personal computer industry.
Nortek* is a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and home technology convenience and security products. Nortek offers a broad array of products, including: range hoods, bath fans, indoor air quality systems, medicine cabinets and central vacuums, heating and air conditioning systems, and home technology offerings, including audio, video, access control, security and other 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.
SOURCE Nortek, Inc.
CONTACT:
Richard L. Bready,
Chairman and CEO,
or
Edward J. Cooney,
Vice President and Treasurer,
+1-401-751-1600
Web Site: www.nortek-inc.com
