Melrose Industries Plc has announced that their financial results for fiscal 2020 and it wasn’t pretty. The company swung to a net loss on lower revenues. They said this was mostly due to the Coronavirus pandemic’s massive impact on its GKN Aerospace division. To streamline operations and raise cash, Melrose told the press that it has again put Nortek up for sale.
Multiple sources are confirming to Strata-gee that Nortek Security & Control (NSC or Nortek) is planning to shut down two of their brands – Sunfire and the once iconic Niles. The move is said to be the result of their relative under-performance as the company shifts its focus to the apparently more successful brands, such as Elan.
See more on the closing of Niles & Sunfire by Nortek[Read more…] about Sources: Nortek Security & Control Shutting Down Niles and Sunfire Brands
Parent of Many Top CI Brands Steps in to Adjust for Impact of COVID-19
Melrose Industries PLC has announced it will suspend the payment of its usual year-end dividend in the face of the deteriorating economic environment as a result of the global spread of Coronavirus (COVID-19). Melrose, the U.K. turnaround specialist that is parent company of the U.S. based Nortek has taken other actions to adjust operations at its operating companies in the face of COVID-19.
Learn more about Melrose’s actions to adjust to COVID-19…[Read more…] about Melrose Suspends Dividends, Cuts Executive Pay
Melrose Industries plc, the British turnaround specialist who acquires underperforming companies to improve their operations and management for resale, is now actively considering selling off the bulk of Nortek in a deal that could be worth $3 billion, according to reports from Bloomberg News and the Financial Times. If they actually execute this sale, it will be a relatively early exit from their ownership of Nortek which they purchased in 2016 for $2.8 billion.
See why Melrose is ready to exit Nortek…[Read more…] about Once Again, Melrose Considers Disposing of Nortek; This Time It’s Serious
Melrose Industries PLC, a U.K. based investment group that purchased Nortek, Inc. back in 2016, released their fiscal 2019 first half financial results last month (for the period ending June 30, 2019). And while the results showed strong sales growth (thanks to a large acquisition) the company still booked a net loss.
Perhaps more interesting, was that Nortek’s Security & Smart Technology unit figured quite prominently in the document – often for the wrong reasons.
See why Nortek was so prominent…[Read more…] about Nortek Figures Prominently, If Not Always Positively, in Melrose Industries’ 1st Half Fiscal Results
The last ninety days or so have been somewhat turbulent at Nortek Security and Control (NSC), with two top executives departing under foggy circumstances. First, in May we learned that President Mike O’Neal had left the company. Then, last week, news emerged that Joe Roberts, Executive VP of Products and Marketing had also departed.
I reached out to Joe Roberts to try to find out what was up with all of these changes at NSC.
See what Roberts had to say about Nortek…[Read more…] about Ex-Nortek Exec Speaks With Strata-gee, See What’s On His Mind
Panel Talks About Control4/NEEO Acquisition, Death of Crestron Pyng & Elan Touchpanels
ResiWeek, the podcast from AVNation.tv that is focused on the residential integration industry segment, has once again invited Strata-gee editor Ted Green to participate as a guest panelist on its weekly podcast. This episode #158 featured several top stories pulled from the industry news of the day.
See what topics Ted discussed on ResiWeek…[Read more…] about Ted Green Featured as Guest Panelist on ResiWeek
Our phones and email lit up over the last few days as word spread that Nortek Security and Control has fired all of the remaining Core Brands reps in the U.S., according to multiple sources. The timing of the terminations over the holidays only seems to add a sense of heartlessness to the action….a real-life ‘bah humbug’ that leaves the reps feeling cold.
See more on the New Year firing of all Nortek field sales reps… [Read more…] about Nortek to Reps: Happy New Year, You’re Fired
Are Elan, Speakercraft, Niles, Proficient, etc. In Play Again?
Melrose PLC, owner of Nortek, including Nortek Security & Control, is openly talking to U.K. media about the likelihood of selling off Nortek – saying, in essence, their work is done, the turnaround is complete. This being the case, their thinking is that it is time to harvest their crop by selling off the company to reap their reward of profits.
But what does this mean for Nortek and its stable of brands?… [Read more…] about Melrose Talks of Disposing of Nortek
Elan revealed Wednesday that it has opened a training facility in Dallas, TX as of January of this year. The company says the facility is operating at 95% capacity and has already trained more than 200 dealers from around the United States.