Nortek Inc. - Experts & Thought Leaders

Following the acquisition of Nortek Control in October 2021, Nice, a global manufacturer of smart home and building automation solutions, announces plans to form a single entity in North America by consolidating all its essential operations under Nice. Nortek Control will complete a transition to the Nice brand within the year 2022. 2GIG®, ELAN®, Linear®, Mighty Mule®, SpeakerCraft®, Proficient®, Furman®, Panamax®, Gefen®, Numera®, Intellivision®, Abode®, and HySecurity® will continue to go to market as brands of Nice. Single-Source manufacturers The combination will create a powerhouse in North America, provides partners with access to the entire regional product portfolio, and demonstrate that all companies are stronger together. The move will position Nice as one of the largest single-source manufacturers of smart home and building automation solutions in the North American market. Integrators, dealers, and distribution partners benefit from access to greater opportunities Integrators, dealers, and distribution partners benefit from access to greater opportunities with a broader solutions portfolio of integrated smart and connected products. “The newly enlarged and strengthened presence of Nice North America further reinforces our commitment to our partners, customers, and the channel,” said Edoardo Malfè, President & CEO, Nice North America. High-Security applications “The expanded portfolio created by our strategic acquisitions enables the delivery of solutions to partners and end-users from a single-source provider of a full suite of integrated solutions for residential, commercial, industrial, and government customers, from consumer DIY to custom and professionally-installed specialized products and high-security applications.” Joining Malfè at the helm, Luca Longhin, a veteran of Nice will co-lead Nice North America as Deputy CEO. Together, they have assembled an experienced and diverse leadership team to chart the course and achieve aggressive growth targets set by the consolidated organization. Smart home segment At Nice, it is the people, along with knowledge and experiences unique to each team member" “To fully align the businesses and best support our partners, we are pleased to announce several powerful additions to our dynamic leadership team,” said Longhin. “At Nice, it is the people, along with knowledge and experiences unique to each team member that remains core to how we do business. By uniting key businesses in North America, we have the opportunity to cultivate and grow a leadership team with unparalleled diversity and experience both from within and externally.” Combining new talent with long-standing internal executives forms one of the most knowledgeable, experienced, and diverse C-suites in the pro-install smart home segment. Industry veterans Paul Williams and Lisa Potok join the new leadership team, bringing unique perspectives and decades of experience to the group. Williams joins as Chief Product Officer and Potok joins as Chief Financial Officer. Industry-Specific expertise Internal promotions within Nice and Nortek Control complete the executive leadership team bringing industry-specific expertise and experience to the table. Amanda Repp steps into the newly created role of Chief People & Diversity Officer. Jim Hardiman will take over as General Manager of the China Innovation Center. Jari Niemela was recently announced as Chief Technology Officer. Craig Copley becomes Chief Information Officer. Mark Owen Burson is named Chief Marketing Officer and Daniel Schatz will serve as General Counsel. The internal organization changes listed above are effective as of today.

Melrose Industries PLC will acquire Nortek, Inc. for $86 per share in cash Nortek, Inc., a provider of air management and technology-driven solutions for residential and commercial applications, recently announced that it has signed an agreement and plan of merger with Melrose Industries PLC, a UK listed public company and Nevada Corp., a newly created wholly owned subsidiary of Melrose, to be acquired by Melrose for $86.00 per share in cash -- an estimated total enterprise value of approximately $2.8 billion. The Purchase Price represents a premium of approximately 38% to Nortek's closing price on July 5, 2016, and a premium of approximately 80.4% to the volume weighted average price over the prior six month period.  The Merger Agreement Pursuant to the terms of the Merger Agreement, Nevada Corp. will conduct an all-cash tender offer for 100% of Nortek's common stock  and, subject to the successful completion of the Offer, Nevada Corp. will merge with and into Nortek resulting in Nortek becoming a wholly owned subsidiary of Melrose. The Merger Agreement was unanimously approved by Nortek's and Melrose's Boards of Directors.  Under the terms of the Merger Agreement, Melrose will commence the Offer as promptly as practicable and in any event by no later than July 11, 2016. Any shares of Nortek common stock not tendered in the Offer will be acquired by Melrose in the Merger and the holders thereof will be entitled to receive the Purchase Price. The Nortek Board intends to recommend that Nortek stockholders tender their shares to Melrose in the Offer.  Closing Of The Transactions The closing of the Transactions is subject to Nortek stockholders validly tendering more than 50% of the outstanding shares of Nortek common stock prior to the expiration of the Offer. Certain stockholders of Nortek, affiliated with each of Ares Management LLC, Anchorage Advisor Management LLC and Gates Capital Management, Inc., owning approximately 68.7% of the outstanding shares of Nortek common stock in the aggregate, have entered into tender and support agreements with Melrose, pursuant to which such stockholders have agreed to tender their shares in the Offer, subject to certain limited termination rights. In addition, the Transactions will require the approval of Melrose's shareholders at a meeting that is expected to occur on July 25, 2016, as well as certain regulatory approvals and other customary closing conditions. Melrose's shareholders will be voting on three resolutions related to the Transactions, two of which require a simple majority of the votes cast to approve and one that requires 75% of the votes cast to approve. The Merger Agreement does not contain a financing condition. The Transactions are expected to close by August 31, 2016.  The Merger Agreement also provides for a window shop period through August 6, 2016, during which, subject to certain procedures outlined in the Merger Agreement, Nortek may enter into discussions and negotiations with third parties that submit an unsolicited proposal to acquire the Company. Should Nortek agree to accept a superior proposal prior to 11:59 p.m. (Eastern time) on August 6, 2016, Nortek would be required to pay to Melrose a termination fee equal to $50 million. For further information relating to the terms of the Merger Agreement and a complete copy of the Merger Agreement please see the Current Report on Form 8-K that will be filed by Nortek with the Securities and Exchange Commission today. Premium For Shareholders "We are very pleased to have reached the proposed agreement with Melrose Industries, which represents a significant premium for our shareholders," said Nortek's President and Chief Executive Officer Michael J. Clarke. "We believe this partnership with Melrose will enhance Nortek's ability to further leverage its industry-leading brands and market positions to continue driving profitable growth. We believe this transaction will be a positive for our employees and customers alike." "We have watched and admired Nortek's progress and we are convinced we can steer this fine business to achieve its full potential," said Melrose's Chairman Christopher Miller. "We see a company full of hard-working, dedicated people who are really good at what they do. We can harness those strengths by meaningful long term investment and a vision based on our own experience in similar and relevant markets down the years. Melrose has been a highly successful custodian and builder of US businesses and we are confident that we can bring that expertise to build Nortek for the long term." Barclays, Citi and RBC Capital Markets are acting as financial advisors and Weil, Gotshal & Manges LLP is acting as legal counsel to Nortek. Nomura International is acting as financial advisor and Simpson Thacher & Bartlett LLP is acting as legal counsel to Melrose.

Nortek Security & Control LLC, a Nortek Company and a leader in the security, smart home and wellness technology markets, introduces the Numera® Home Safety Hub, a next-generation PERS system. The hub combines information from sensing devices such as CO and smoke detectors, and glass-break, motion and window/door sensors with alerts from wireless personal emergency sensors in a single PERS console for seniors or others needing support while living alone. The Numera Home Safety Hub communicates with the array of 2GIG® sensors and creates a self-designated safety ecosystem that delivers user and environmental data to their care team. Compatible With 2GIG Home Sensors The Numera Home Safety Hub integration with connected wireless security sensors represents an evolution of personal safety technology in the home. With complementary lightweight wearables and an upgradeable ecosystem, the Numera Home Safety Hub ensures a safer and more protected home for seniors and families. The Home Safety Hub features upgradeable firmware, a range up to 1,000 feet, customisable “night-time,” “do-not disturb” and personalized activity windows, along with full compatibility with personal safety and 2GIG home sensors. The hub is easily installed and set up, reducing field time, complexity and cost. Personal Help Button Included With the included Personal Help Button, assistance is just a discreet button push away, and with remote alerts of a potential fire or fall in the home, help is summoned even when the user cannot react. Creating interoperability between the smart home and personal safety devices provides caregivers with notifications of events that require their involvement, including a smoke alarm, detection of a potential fall or prolonged inactivity during a certain period of time. It also enables activity control when used with door and motion sensors, where caregivers could receive an alert if the door is opened and motion detected at a time that would cause for concern such as late at night or during unsafe weather conditions. “Creating the ability for communication between our personal safety device and home and security sensors gives caregivers more complete ways to ensure the well-being of their loved ones,” said Tim Smokoff, Group Vice President Health & Wellness, Nortek Security & Control. “With this new hub and access to more information about their environment, users and their care teams can rest easier and feel more comfortable about their loved ones dealing with chronic illness or aging-in-place.”