Key Developments: Nortek Inc (NTK.OQ)
68.81USD
1 Aug 2013
$1.30 (+1.93%)
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$49.01
Latest Key Developments (Source: Significant Developments)
Nortek Inc Completes Acquisition of 2GIG Technologies Inc
Nortek Inc announced that the closing of its previously announced acquisition of 2GIG Technologies, Inc. (2GIG), a privately held designer and supplier of residential security and home automation systems. The closing follows the satisfaction of all customary closing conditions, including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. In accordance with the terms of the acquisition agreement, Nortek acquired 2GIG for approximately $135 million on a cash and debt-free basis, funded via a combination of cash on hand and borrowings under Nortek's asset-based credit facility. Full Article
Nortek Inc To Acquire 2GIG Technologies Inc
Nortek Inc announced that it has signed a definitive agreement to acquire 2GIG Technologies Inc. (2GIG) from APX Group, Inc. A privately held company based in Lehi, Utah, 2GIG is an designer and supplier of residential security and home automation systems. Under the terms of the agreement, Nortek will pay approximately $135 million for all of the outstanding common stock of 2GIG on a cash- and debt-free basis. The acquisition will be financed with a combination of cash on hand and borrowings under Nortek's asset-based credit facility. The transaction is expected to close during the first half of 2013, subject to customary closing conditions including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Full Article
Nortek Inc Appoints David Smith Chairman Of Board
Nortek Inc announced that J. David Smith has been appointed Chairman of the Board of Directors. Smith joined the Nortek board as an independent director and a member of the Compensation Committee in February 2010. From July 1 to December 30, 2011 Smith also served as Nortek's Interim CEO, following the retirement of longtime CEO Richard Bready and concluding with the appointment of current Nortek President and CEO Michael J. Clarke. Full Article
Nortek Inc And OmniMount Systems Join To Create Supplier Of Display And Entertainment Mounting Solutions
Nortek Inc announced that it has completed the consolidation of its subsidiaries, Ergotron, Inc. (Ergotron) and OmniMount Systems, Inc., by officially merging the OmniMount legal entity into Ergotron. The merger of these two brands positions Ergotron as the supplier of display and entertainment mounting solutions for both the consumer and A/V pro markets. The OmniMount products will remain the consumer brand within Ergotron's product offerings. Under the umbrella of one company, the Ergotron and OmniMount brands are uniquely positioned to provide the global community with solutions designed to facilitate healthier and more interactive engagement for display and entertainment systems worldwide. Building on a shared history of excellence in customer service and product innovation, the unification will expand on the strengths of each company. With distinct channels to market, the consolidation of product development, customer service, manufacturing, operations and marketing will enable the Company to drive innovation as well as business efficiencies. Full Article
Nortek Inc Appoints Michael J. Clarke As President And Chief Executive Officer
Nortek Inc announced that it has appointed Michael J. Clarke as its President and Chief Executive Officer (CEO) effective December 30, 2011. He will also become a member of the Nortek Board of Directors. As previously announced, Nortek began search process to replace longtime CEO Richard Bready upon his retirement. Interim CEO J. David Smith will return to his role as a member of Nortek's Board of Directors. Full Article

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