Nortek Launches New "Core Brands" Group Combines Product and Marketing Strengths of 10 Industry-Leading Brands to Form New Business Group in its Technology Solutions Segment
PROVIDENCE, R.I., Aug. 27, 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 the formation of Core Brands, a new group that combines the product and marketing strengths of 10 of the company's formerly independent audio, power management and control brands operating within its Technology Solutions segment.
Including Nortek's Aton®, BlueBOLT®, Elan®, Furman®, Niles®, Panamax®, Proficient®, SpeakerCraft®, Sunfire® and Xantech® brands, Core Brands has more than 190 years of combined experience in the residential, commercial and professional markets and over 4,300 direct customer accounts in multiple distribution channels in the U.S. and worldwide.
Core Brands will be based in Petaluma, Calif., with offices in Carlsbad and Riverside, Calif., and Marblehead, Mass. Bill Pollock, who has served as president of Panamax, will lead Core Brands. Dave Keller, vice president of sales and marketing for Panamax/Furman, will handle worldwide sales. Keith Marshall, president of SpeakerCraft/Proficient, will be in charge of channel management, and Paul Starkey, president of Elan, will lead marketing for all brands.
"The formation of Core Brands reflects the strategic refocusing currently taking place as we pursue new markets and new opportunities to serve our dealers, channel partners and end users," said Nortek President and Chief Executive Officer Michael J. Clarke. "We expect that combining the unique capabilities of each of these 10 formidable brands will deliver new and powerful benefits they can only achieve as a group."
"Operating as Core Brands will enable us to leverage economies of scale while strengthening our ability to invest in launching innovative technologies and a range of new marketing programs designed to increase the value, clarity and acceptance of each brand," said Sean Burke, group president of Nortek's Technology Solutions segment. "In addition, combining these market leading brands will allow us to deliver more localized and responsive factory training and product support expertise. These initiatives should position the brands not only to improve their business performance, but also to increase their penetration of un-served and underserved market segments during a period of generally improving business conditions in their respective distribution channels."
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.
# # #
Edward J. Cooney
Senior Vice President and Treasurer
SOURCE Nortek, Inc.