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.
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
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
Melrose Industries PLC, an engineering turnaround company that recently acquired Nortek, Inc. (parent company of Core Brands) announced last week that it sees margins improving at Nortek already, even though it only acquired the company just last year. Not only that, but thanks to adding Nortek to its stable of investments, Melrose has seen its revenues triple – driving its stock to a record high.
See more on what Melrose had to say about Nortek… [Read more…] about Nortek Parent Melrose Reports Higher Margins & Sales
We first reported on the new SpeakerCraft Dolby Atmos enabled AIM speakers at the 2015 CEDIA show (then called the Expo). A clever way to extend their line and tap into the enthusiasm many have to advanced surround sound systems like Dolby Atmos, DTS:X, and Auro3D – SpeakerCraft designed a high-performance alternative to standard in-ceiling height speakers.
Prototypes last year, but company says it’s ready to ship shortly. Check it out… [Read more…] about SpeakerCraft’s Remarkable AIM LCR5 FIVE Series 2 Speakers Now Ready
The summer continues to heat up with the second major acquisition announcement in two days. Melrose, PLC, a UK-based investment company that buys underperforming companies, improves their operations, and then resells them, has acquired Nortek, Inc. in a deal that pays Nortek shareholders $86 per share – a 38% premium over yesterday’s closing price. The deal, an all-cash offer, is expected to close by the end of August.
See more on this acquisition… [Read more…] about Nortek Sold to British Investment Company
AVC Generates an Operating Loss on a 17.8% Decline in Sales
Nortek, Inc. (Nortek) released their results for the 2016 fiscal first quarter and generally showed broad improvement,with sales gains and profit improvements in most of their segments. But not in the Custom and Commercial Air segment which had a sales decline; and especially not in their AVC segment, which saw continued sales declines and generated a loss from operations.
See more on our Nortek 2016 Q1 report… [Read more…] about Nortek Fiscal 2016 Q1 Results Improve, Except for AV
Aim High Audio Sales & Marketing and AHA Distributing are separating, the company announced on Tuesday of this week. A prepared announcement from president and founder Chris Gilray, noted that the separation will allow each company to focus on its dramatic growth. Gilray will solely control the distribution business, while his partner Jon Perry will take over Aim High Audio’s representation business under the Precision Sales Group name.
We spoke with Gilray and learned about the competitive issues that drove this decision… [Read more…] about Conflicts Force Aim High Audio to Split Rep & Distribution Businesses
We found some interesting stuff here at the start (and from the days leading up to the start) of CEDIA’s 2015 Expo. There was a lot to sift through, but what follows are some of the more interesting products and technologies we found at the start of the show – presented in no particular order.
See items of interest from the start of CEDIA Expo… [Read more…] about CEDIA Starts with Some Interesting Stuff
Nortek, Inc. announced late Thursday that it has called off talks with an unnamed party who had tendered an unsolicited offer. According to the Wall Street Journal and as we had previously reported, that suitor was United Technologies. Nortek stock closed Friday at $63.97/share or off 3.8%, on a day when the Dow was up .2%.