Providence,
RI, August 27, 2012 – Nortek, Inc. (Nasdaq: NTK), a global diversified
company with leading brands and innovative, technology-driven products and
solutions for residential and commercial applications, today announced the
formation of Core Brands, a new group that combines the product and marketing
strengths of 10 of the company’s formerly independent audio, power management
and control brands operating within its Technology Solutions segment.
Including Nortek’s Aton®, BlueBOLT®,
Elan®, Furman®, Niles®, Panamax®, Proficient®, SpeakerCraft®, Sunfire® and
Xantech® brands, Core Brands has more than 190 years of combined experience in
the residential, commercial and professional markets and over 4,300 direct
customer accounts in multiple distribution channels in the U.S. and worldwide.
Core Brands will be based in Petaluma,
Calif., with offices in Carlsbad and Riverside, Calif.,
and Marblehead, Mass. Bill Pollock, who has served as president of Panamax,
will lead Core Brands. Dave Keller, vice president of sales and marketing for
Panamax/Furman, will handle worldwide sales. Keith Marshall, president of SpeakerCraft/Proficient,
will be in charge of channel management, and Paul Starkey, president of Elan,
will lead marketing for all brands.
“The formation of Core Brands reflects
the strategic refocusing currently taking place as we pursue new markets and new
opportunities to serve our dealers, channel partners and end users,” said
Nortek President and Chief Executive Officer Michael J. Clarke. “We expect that
combining the unique capabilities of each of these 10 formidable brands will
deliver new and powerful benefits they can only achieve as a group.”
“Operating as Core Brands will enable
us to leverage economies of scale while strengthening our ability to invest in
launching innovative technologies and a range of new marketing programs
designed to increase the value, clarity and acceptance of each brand,” said
Sean Burke, group president of Nortek’s Technology Solutions segment. “In
addition, combining these market leading brands will allow us to deliver more
localized and responsive factory training and product support expertise. These
initiatives should position the brands not only to improve their business
performance, but also to increase their penetration of un-served and
underserved market segments during a period of generally improving business
conditions in their respective distribution channels.”
About
Nortek
Nortek* is a global, diversified
company whose many market-leading brands deliver broad capabilities and a wide
array of innovative, technology-driven products and solutions for lifestyle
improvement at home and at work. The Company’s broad array of offerings
includes audio/video and security solutions, digital display mounting
solutions, ventilation products such as range hoods and bathroom fans, heating
and cooling products, and air management systems.
*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.
Safe
Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Generally,
these statements can be identified by the use of words such as
"anticipate," "believe," "could," "estimate,"
"expect," "feel," "intend," "may,"
"plan," "potential," "project,"
"should," or "would" and similar expressions intended to
identify forward-looking statements, although not all forward-looking
statements contain these identifying words. These statements are based on
Nortek'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 certain raw materials (including, among others, steel,
copper, packaging materials, plastics, resins, glass, wood and aluminum) and
purchased components, freight costs, the level of domestic and foreign construction
and remodeling activity affecting residential and commercial markets, interest
rates, employment levels, inflation, foreign currency fluctuations, consumer
spending levels, exposure to foreign economies, the rate of sales growth,
prices, and product and warranty liability claims. Nortek 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 reports and filings of Nortek with the Securities and
Exchange Commission including the description of "risk factors" set
forth under IA in our annual report on Form 10-K, as updated on subsequent
quarterly reports on Form 10-Q.