PROVIDENCE, R.I., June 25, 2012 /PRNewswire/ -- Nortek, Inc. (Nasdaq: NTK), a diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products, today announced that it has joined the Russell 3000® and Russell 2000® Indices after Russell Investments reconstituted its U.S. and global equity indices at the market close on Friday, June 22.
"The Russell 3000 and Russell 2000 are widely known broad-market indices and Nortek's inclusion in them should generate increased investor awareness and interest," said President and Chief Executive Officer Michael J. Clarke. "Nortek's addition to the indices confirms the strength of our financial profile and reflects the operational progress we have made since the Company's listing on the NASDAQ Global Market seven months ago, including our solid first-quarter results."
Russell determines membership for its equity indices primarily by objective, market-capitalization rankings and style attributes. Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies.
Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indices. The Russell 3000 also serves as the U.S. component to the Russell Global Index.
Nortek* is a diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products. The Company offers a broad array of products, including: range hoods, bath fans, indoor air quality systems, heating, air conditioning and air management systems, and technology offerings including audio, video, access control, security, and digital display mounting and mobility products.
*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.
Contact: Edward J. Cooney Senior Vice President and Treasurer Nortek, Inc. 401.751.1600 firstname.lastname@example.org
SOURCE Nortek, Inc.