Melrose to sell Nortek Air Management for £2.62bn
UK/USA: Melrose Industries is set to sell its Nortek Air Management business to Chicago-based Madison Industries in a deal worth £2.62bn ($3.625bn).
Nortek Air offers a range of products spanning custom and commercial air solutions for high-performance environments, residential and commercial HVAC and fresh air ventilation systems for homes. It was acquired by UK manufacturing group Melrose in 2016 for £2.2bn.
The acquisition would add a significant number of new products to the Madison Industries indoor air quality portfolio.
“The Nortek Air businesses perfectly complement our portfolio of companies that provide solutions to improve the quality of indoor air,” commented Madison founder Larry Gies. “Our mission is to make the world safer, healthier and more productive and the addition of Nortek Air with its 6,000 passionate employees allows us to deliver even more of that mission.”
Related stories:
Nortek shuts Eaton-Williams sites – 5 October 2016
UK: The UK has lost another of its famous air conditioning names following the closure of the Eaton-Williams sites in Edenbridge and Stoke. Read more…
UK firm to acquire Nortek – 10 July 2016
UK: British-based investor Melrose Industries PLC has entered into an agreement to acquire US HVAC group Nortek in a £2.15bn deal. Read more…
