At the end of last week, Nortek, Inc. reported their financial results for the fiscal second quarter and first half. While at first blush the overall numbers look good – sales up 9% in Q2 and 8% in 1st Half and returning to profitability for both periods – digging deeper shows that their technology business unit (TECH) and residential ventilation business unit (RESV) are not yet participating in the company’s turnaround. Given the significant amount of restructuring of their TECH segment, this result is troubling. [Read more…] about Nortek Financial Results Show That, Despite Best Efforts, TECH Remains Troubled
Today, just a short time ago, Nortek Inc.’s AVC Group released an announcement that a major new phase of their reorganization is in the works. Specifically, the AVC Group which currently is the merged brands of Niles Audio, Elan, and Xantech, will be expanded to include SpeakerCraft, Proficient, Panamax/Furman all under the same roof. Furthermore, Nortek’s former reorganizer – Mark Terry – has been reorganized out of the newly restructured company.