Nortek becoming a major supplier of air management with the purchase of the HVAC division of THOMAS & BETTS

USA: The NORTEK Company has signed a definitive agreement for the acquisition of the REZNOR brand – a manufacturer and vendor of heating, ventilating and air conditioning equipment – for $260 million.

NORTEK Inc. is a global manufacturer of innovative materials in the field of air management and technology solutions products for residential and commercial applications. This firm has signed the agreement for the HVAC production unit of the company Thomas & Betts (T&B) Corporation. This subsidiary was wholly owned ABB Ltd, an international company specialising in energy and automation. Wells Fargo Securities, LLC acted as financial advisor NORTEK during this acquisition.

The sales contract reveals that NORTEK has paid an amount of approximately $260 million for the acquisition of the HVAC unit of production of T & B. The transaction was paid in cash by the buyer firm. This production unit designs, manufactures and sells heating , ventilation and cooling products for industrial and commercial for the market of North America and Europe . The main products manufactured by this company are designed for warehouses, factories, restaurants, retail stores, institutions and other uses.

HVAC T & B generated net sales of approximately $160 million in 2013. According to Michael J. Clarke, President and CEO of NORTEK, this new acquisition will extend the activity of the firm in the United States and Europe. It will support the five main activities of the air management division including residential ventilation, domestic heating and custom cooling.