Profile: Nortek Inc (NTK.OQ)
68.81USD
1 Aug 2013
$1.30 (+1.93%)
$67.51
$68.20
$68.81
$67.49
3,833
10,815
$74.55
$49.01
Nortek, Inc. and its wholly owned subsidiaries (Nortek) is engaged in manufacturing of residential and commercial building products. The Company operates in four business segments: the residential ventilation products (RVP) segment, the technology products (TECH) segment, the residential air conditioning and heating products (R-HVAC) segment and the commercial air conditioning and heating products (C-HVAC) segment. The Company, through these segments, manufactures and sells, primarily in the United States, Canada and Europe, a range of products products for the remodeling and replacement markets, the residential and commercial new construction markets, the manufactured housing market and the personal and enterprise computer markets. On April 28, 2011, the Company acquired TV One Broadcast Sales Corporation, Barcom (UK) Holdings Limited; and Barcom Asia Holdings, LLC. In January 2012, the Company merged the OmniMount Systems, Inc. into Ergotron, Inc. In April 2013, the Company completes the acquisition of 2GIG Technologies, Inc.
Residential Ventilation Products Segment
The Company’s RVP segment primarily manufactures and distributes room and whole house ventilation products and other products primarily for the professional remodeling and replacement markets, residential new construction market and do-it-yourself (DIY) market. The principal products of the segment, which are sold under the Broan, NuTone, Venmar, Best and Zephyr brand names, among others, are kitchen range hoods, exhaust fans and indoor air quality products.
The Company is the supplier of residential range hoods and exhaust fans, and is the supplier of these products in North America. The Company is also one of the suppliers in Europe of luxury Eurostyle range hoods. The Company’s kitchen range hoods expel grease, smoke, moisture and odors from the cooking area and are offered under an array of price points and styles from economy to upscale models. The exhaust fans the Company offers are used in bathrooms to remove odors and humidity and include combination units, which may have lights, heaters or both. The Company’s range hood and exhaust fan products are differentiated on the basis of air movement as measured in cubic feet per minute and sound output as measured in sones.
The indoor products supplied by the Company include air exchangers, as well as heat or energy recovery ventilators (HRVs or ERVs) that provide whole house ventilation. These systems bring in fresh air from the outdoors while exhausting stale air from the home. Both HRVs and ERVs moderate the temperature of the fresh air by transferring heat from one air stream to the other. In addition, ERVs also modify the humidity content of the fresh air. The Company also sells powered attic ventilators, which alleviate heat built up in attic areas and reduce deterioration of roof structures.
The Company sells other products in this segment, including among others, door chimes, medicine cabinets, trash compactors, ceiling fans and central vacuum systems, by leveraging its strong brand names and distribution network. The Company sells the products in its RVP segment to distributors and dealers of electrical and lighting products, kitchen and bath dealers, retail home centers and private label customers under the Broan, NuTone, Venmar, Best and Zephyr brand names, among others. Product manufacturing in the RVP segment generally consists of fabrication from coil and sheet steel and formed metal utilizing stamping, pressing and welding methods, assembly with components and subassemblies purchased from outside sources (principally motors, fan blades, heating elements, wiring harnesses, controlling devices, glass, mirrors, lighting fixtures, polyethylene components and electronic components) and painting, finishing and packaging. As of December 31, 2011, its RVP segment had 11 manufacturing plants.
The Company competes with Elica Group, Faber S.p.A. and Cata Electrodomesticas S.L., and Panasonic Corporation.
Technology Products Segment
The Company’s TECH segment manufactures and distributes a range of products designed to provide convenience and security for residential and certain commercial applications. The principal products sold by the Company in this segment includes audio/video distribution and control equipment, security and access control products, digital display mounting and mobility products.
The segment’s audio/video distribution and control equipment products include whole-house audio/video systems, video signal transmission and conversion devices, home integration systems as well as certain accessories often used with these systems such as structured wiring, power conditioners and surge protectors. Whole-house audio/video systems include multi-room/multi-source controllers and amplifiers, home theater receivers, intercom systems, speakers, and control devices such as keypads, remote controls and volume controls. The segment’s speakers are primarily built-in (in-wall or in-ceiling) and are primarily used in multi-room or home theater applications. These products are sold under the Niles, Elan, ATON, SpeakerCraft, Proficient Audio Systems, Sunfire, and Xantech brand names.
The segment's video signal transmission and conversion devices allow conversion of video signals into various formats as well as the transmission of video signals to multiple display screens. In addition to residential home theater applications, these products are often used in non-residential applications such as retail outlets, airports and casinos and are sold under the Magenta and Gefen brand names.
The segment's home integration systems include software and hardware that facilitate the control of third-party residential subsystems such as home theater, whole-house audio, climate control, lighting, security and irrigation. These products are sold under the Home Logic and Elan g! brand names. Other products in this category include power conditioners and surge protectors sold under the Panamax and Furman brand names and structured wiring products sold under the OpenHouse and Channel Plus brand names.
The segment's security and access control products include residential and certain commercial intrusion protection systems, components for closed circuit television systems (camera housings), garage and gate operators and devices to gain entry to buildings and gated properties, such as radio transmitters, wireless window and door contacts, control panels, keypads and telephone entry systems. These products are sold under the Linear, SecureWireless, GTO/PRO, Mighty Mule, OSCO, Aigis, AllStar, IEI, Luxor and certain private label brand names, as well as Westinghouse, which is licensed.
The segment's digital display mounting and mobility products primarily are designed with ergonomic features and include wall mounts, desk mounts, arms, carts, workstations and stands that attach to a variety of display devices such as computer monitors, notebook computers and flat panel displays. These products are sold under the Ergotron and OmniMount brand names, as well as certain original equipment manufacturer brand names in the personal computer industry.
The Company competes with Duchossois Industries, Inc., Chamberlain Corporation, Milestone AV Technologies, AMX LLC and Crestron Electronics, Inc..
Residential Air Conditioning and Heating Products Segment
The Company’s R-HVAC) segment principally manufactures and sells split-system air conditioners, heat pumps, air handlers, furnaces and related equipment, accessories and parts for the residential and certain commercial markets. For site-built homes and certain commercial structures, the segment markets its products under the licensed brand names Frigidaire, Tappan, Philco, Kelvinator, Gibson, Westinghouse and Maytag.
The segment also supplies products to certain of its customers under the Broan, NuTone, Mammoth and several private label brand names. Within the residential market, the Company is one of the suppliers of HVAC products for manufactured homes in the United States and Canada. In the manufactured housing market, the segment markets its products under the Intertherm and Miller brand names. The segment sells its manufactured housing products to builders of manufactured housing and, through distributors, to manufactured housing retailers and owners. The segment sells residential HVAC products for use in site-built homes through independently owned distributors who sell to HVAC contractors. In addition, the segment sells residential HVAC products outside of North America, with sales concentrated primarily in Latin America and the Middle East.
The Company competes with Carrier Corporation, Rheem Manufacturing Company, Lennox Industries, Inc., Trane, Inc York by Johnson Controls and Goodman Global, Inc..
Commercial Air Conditioning and Heating Products Segment
The C-HVAC segment manufactures and sells HVAC systems that are custom-designed to meet customer specifications for primarily for hospitals, educational facilities, as well as commercial offices, manufacturing facilities, retail stores, clean rooms, data centers, and governmental buildings. These systems are designed primarily to operate on building rooftops (including large self-contained walk-in-units), or on individual floors within a building, and to have cooling capacities ranging from 40 tons to 600 tons.
The segment markets its commercial HVAC products under the Governair, Mammoth, Temtrol, Venmar CES, Ventrol, Webco, Huntair, Cleanpak and Fanwall brand names. The Company’s subsidiary, Eaton-Williams Group Limited, manufactures and markets custom and standard air conditioning and humidification equipment throughout Western Europe under the Vapac, Cubit, Qualitair, Edenaire, Colman and Moducel brand names.
The Company competes with Carrier Corporation, York by Johnson Controls, McQuay International and Trane, Inc..
Company Address
Nortek Inc
50 Kennedy Plaza
PROVIDENCE RI 02903
P: +1401.7511600
F: +1302.6365454
Company Web Links
| Name | Compensation |
|---|---|
J. David Smith |
1,101,520 |
Michael Clarke |
5,832,040 |
Almon Hall |
3,000,420 |
Kevin Donnelly |
2,850,640 |
Jeffrey Bloomberg |
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