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News Breaks
March 21, 2014
08:03 EDTABB, NTKNortek to acquire HVAC business of Thomas & Betts for $260M
Nortek (NTK) announced it has signed a definitive agreement to acquire the heating, ventilation and air conditioning business of Thomas & Betts Corporation, which is a wholly owned subsidiary of ABB (ABB). Under the terms of the agreement, Nortek will pay approximately $260M for Thomas & Betts' HVAC Business in an all-cash transaction. Net sales of T&B HVAC were approximately $160M in 2013. The transaction is expected to close during the second quarter of 2014, subject to customary closing conditions including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
News For NTK;ABB From The Last 14 Days
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January 26, 2015
07:54 EDTABBABB downgraded to Neutral from Outperform at Credit Suisse
January 21, 2015
16:18 EDTNTKNortek acquires Anthro Corporation, terms not disclosed
Nortek announced it has acquired Anthro Corporation, a designer and manufacturer of technology furniture. Nortek funded the transaction using cash on hand and borrowings under its existing asset-based lending facility. Based in Tualatin, Oregon, Anthro primarily produces charging carts and mobile workstations, including healthcare carts, as well as height adjustable sit/stand desks. Unaudited net sales of Anthro were approximately $38M for FY14. This business will be reported under the Ergonomic and Productivity Solutions segment in Nortek's financial statements.
January 20, 2015
16:11 EDTNTKNortek names Liam Weston as Chief Human Resources Officer
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05:57 EDTABBABB downgraded to Neutral from Buy at Citigroup
Citigroup downgraded ABB to Neutral on expectations the company's process automation business will see weaker demand from the oil and gas industry.
January 16, 2015
10:01 EDTABBOn The Fly: Analyst Downgrade Summary
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05:32 EDTABBABB downgraded to Underperform from Neutral at Exane BNP Paribas
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January 15, 2015
16:57 EDTNTKNortek starts internal investigation, contacts SEC over possible FCPA violations
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