Nortek Forms New ProAV Group in its Technology Solutions Segment
Gefen, TVOne and Magenta Research Join Forces under Gefen Leadership to Better Serve the Professional AV Market
PROVIDENCE, R.I., Nov. 19, 2012 /PRNewswire/ -- 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 that it has combined the product and marketing strengths of its Gefen®, TVOne® and Magenta Research® brands in a unified ProAV Group within the Nortek Technology Solutions segment.
Based in Chatsworth, Calif., the newly formed group has additional U.S. offices in Connecticut and Kentucky, as well as international locations in Brazil, China, Germany, Hong Kong, Taiwan and the United Kingdom. The group has more than 25 years of combined experience in the ProAV, commercial and broadcast markets with over 5,000 direct customer accounts and multiple distribution partners in the U.S and worldwide.
The group will be led by Hagai Gefen, who has served as president of Gefen. John Dace, president of Magenta Research, will manage worldwide sales. Uri Ram, senior vice president of Gefen, will oversee operations, finance and logistics. David Barnes, president of TVOne, will be retiring after 20 years of outstanding service with the company.
"Aligning Gefen, TVOne and Magenta Research under a centralized management team will enable us to more effectively serve the professional AV market by offering a broader mix of commercial-centric products, strengthening our direct-to-integrators sales capabilities, and enhancing our dealer support," said Michael J. Clarke, Nortek's Chief Executive Officer. "Following on the heels of the formation of our Core Brands Group this summer, our decision to combine these three respected ProAV companies reflects our strategic focus on pursuing new opportunities to serve our dealers, channel partners and end users, while also leveraging economies of scale and enhancing our cross-selling capabilities."
"Operating as a unified entity will enable us to more effectively address the rapidly changing needs of the Professional AV market by combining the high-end video technology of TVOne and the large-scale system integration capabilities of Magenta Research with Gefen's leadership as an innovative solutions provider at the forefront of digital connectivity," said Sean Burke, Group President of Nortek's Technology Solutions segment. "Combining these three teams will position us to accelerate product development, launch new marketing programs and deliver additional support services for our customers and distribution partners."
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.
SOURCE Nortek, Inc.
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