Nortek, Inc. announced today that it has appointed Kris Holla Chief Sales Officer of Data Center Products. This position, newly created by the company, involves leading the charge in increasing Nortek’s market share in “mission critical data center and server markets.”
JVC Kenwood Says It Will Double Net Profits by Fiscal 2015
The Nikkei in Tokyo is reporting today that JVC Kenwood has revealed that it expects to achieve ¥13 billion ($158 million) in net profit for fiscal 2015. This rate is more than double its fiscal 2011 level of profit…and an ambitious target.
See more on how JVC Kenwood expects to dramatically improve its business results… [Read more…] about JVC Kenwood Says It Will Double Net Profits by Fiscal 2015
Contrary to Other Housing Data, New Home Sales Decline in October
In a somewhat surprising reversal of fortune for the housing market, new data from the U.S. Department of Commerce shows that sales of new single family homes actually declined in October to a seasonally adjusted annual rate (SAAR) of 368,000 units. This rate is a decline of 0.3% below the revised September rate of 369,000 units.
What does this new data mean for the housing recovery?… [Read more…] about Contrary to Other Housing Data, New Home Sales Decline in October
Thiel Audio Products Acquired by Tennessee Private Equity Company
BREAKING NEWS
Strata-gee.com learned from sources early today that Thiel Audio Products was sold last week to a Nashville, TN-based private equity company. Late today, the company distributed a formal press release confirming what we have heard. Kathy Gornik, CEO and President of the company is said to be leaving effective immediately and the release refers to “New Thiel CEO Bill Thomas.” [Read more…] about Thiel Audio Products Acquired by Tennessee Private Equity Company
AVWeek Features strata-GEE.com Post on Nortek Consolidation
AVWeek, a regular podcast produced by AVNation that sums up the top stories in Audio/Video for the week, featured a post by strata-GEE.com in their November 23rd podcast (published November 26) titled “Episode 67 Canadian Quarters.” The podcast – which features a 55-minute topical discussion by AV-industry luminaries Dawn Meade (Net-AV), George Tucker (World Stage), and Matt Scott (Omega Audio Video) – included a segment based on our post about the recent Nortek consolidation and creation of their new ProAV Group.
See what these A/V pros thought about the strata-GEE.com post…and about Nortek’s consolidation… [Read more…] about AVWeek Features strata-GEE.com Post on Nortek Consolidation
Happy Thanksgiving!
Moody’s Cuts Panasonic’s Credit Rating for the Third Time This Year – Now Near Junk
Panasonic Corp., once one of the most powerful electronics companies in the world, now finds that its credit rating has been lowered by Moody’s Investors Service to the lowest level still considered investment grade – only one step above junk. Moody’s, one of the largest credit rating agencies, has revised Panasonic’s rating twice before this year – and this third revision dropped the company’s credit rating two grades to Baa3…the lowest level considered investment grade.
What prompted Moody’s to make this huge downgrade of Panasonic’s credit?… [Read more…] about Moody’s Cuts Panasonic’s Credit Rating for the Third Time This Year – Now Near Junk
Sharp Asks 2,000 Employees to Leave – 3,000 Raise Their Hands
Sharp Corp., the struggling Japanese manufacturer that is widely reported to be scrambling to survive, recently offered buyout packages to employees hoping that 2,000 would agree to leave the company. To their surprise, almost 3,000 employees volunteered to leave – good for the company, but a sign of their lack of confidence in the company’s ability to return to profit anytime soon.
See more on this latest indicator of the company’s struggles…
[Read more…] about Sharp Asks 2,000 Employees to Leave – 3,000 Raise Their Hands
A Major Housing Starts Surprise – Highest Level in 4 Years
The U.S.Commerce Department released new data today detailing an unexpected uptick in housing “starts” or the number of homes that had begun construction during the month of October. According to the report, starts in October increased to a seasonally adjusted annual rate (SAAR) of 894,000 units or 3.6 percent higher than the revised September level of 863,000.
See more on this results which were well above estimates, surprising economists… [Read more…] about A Major Housing Starts Surprise – Highest Level in 4 Years
Nortek Consolidation Continues; Creates New ‘ProAV Group’
BREAKING NEWS
Nortek Inc. announced this morning that it has consolidated several of its brands into a new organization that they call the “ProAV Group.” Consisting of several Nortek brands that were conspicuously missing from their recently formed “Core Brands” group, the ProAV Group combines Gefen, TVOne, and Magenta Research into one consolidated group.
