UK firm to acquire Nortek

Nortek-logoUK: British-based investor Melrose Industries PLC has entered into an agreement to acquire US HVAC group Nortek in a £2.15bn deal.

Nortek is heavily involved in the domestic and commercial HVAC sector, owning such well-known brands as Ambirad, Frigidaire, Kelvinator, Maytag and Reznor and the UK’s Eaton Williams, Edenaire, Moducel, Colman, Vapac and Qualitair.

In October, Nortek confirmed the rejection of an “unsolicited proposal” from an unnamed bidder, thought to have been Carrier air-conditioning’s owner UTC.

Commenting on the deal, Melrose’s chief executive, Simon Peckham, said: “Nortek is a high quality manufacturing business with over 90% of its turnover in North America and product penetration into 80% of US households. It serves attractive end markets at good points in their cycle, with strong brands and market positions. Nonetheless there remains solid potential for further improvement under Melrose’s guidance.”

The principal business operated by Melrose’s trading subsidiaries is Brush Turbogenerators, the world’s largest independent manufacturer of electricity-generating equipment for the power generation, industrial, oil & gas and offshore sectors.

Related stories:

Nortek ends takeover talk

 


Latest news from the world of air conditioning and refrigeration

UK News

9th December, 2016

47331516_m

Councils ignore prompt payment law

UK: The majority of local authorities in the UK are flouting government prompt payment laws, according to a new report by the Electrical Contractors’ Association (ECA).

7th December, 2016

honeywell-retail-energy-project-of-the-year-honeywell

Honeywell takes retail project award

UK: A cascade refrigeration system twinning CO2 with the HFO refrigerant 1234ze has been named as Retail Energy Project of the Year in last week’s Energy Awards in London.

1st December, 2016

steve-gowing-home

Stonegrove appoints Gowing

UK: Industrial refrigeration contractor Stonegrove Refrigeration has appointed Steve Gowing as design and project engineer.

1st December, 2016

javac-award-climate-center

Javac achieves Climate Center double

UK: Javac UK, the refrigerant recovery and vacuum pump supplier, has been named as Climate Centers’ Supplier of the Year for the second year running.

World News

7th December, 2016

36779366_m

Lack of training threatens phase down

EUROPE: The European Commission has warned that the uptake of training in alternative refrigerants is too low to match the requirements of the F-gas phase down.

6th December, 2016

63555869_s

R12 seized in the South Pacific

SOLOMON ISLANDS: Customs authorities in the Solomon Islands have reported their second seizure of the illegal CFC refrigerant R12 this year. 

5th December, 2016

43761248_s

Bitzer opens subsidiary in Iran

IRAN: German compressor manufacturer Bitzer has established a subsidiary company in Iran.

4th December, 2016

137284

Honeywell faces action over leak

USA: Seven local residents are reported to be suing Honeywell after a chemical leak at its Geismar, Louisiana, plant in August.

JOIN OUR NEWSLETTER
Leave A Comment