SOURCE: Nortek, Inc.

Nortek, Inc.

April 05, 2016 16:40 ET

Nortek Agrees to Acquire Minority Stake in MiOS Limited

Investment Will Expand and Accelerate Nortek's Solutions for the Connected Home

PROVIDENCE, RI--(Marketwired - Apr 5, 2016) -   Nortek, Inc. (NASDAQ: NTK), a global diversified industrial company with leading brands and innovative air management and technology-driven solutions for residential and commercial applications, today announced that it has signed an agreement to acquire a 25% stake in MiOS Limited, a global technology company focused on developing and distributing advanced control and monitoring solutions for the home and small enterprise markets. The closing is subject to standard conditions and is expected to occur in May 2016.

Founded in 2008, MiOS has created a proven technology platform that bridges many different devices to produce hardware and software solutions that allow users to remotely control, monitor and automate their households and businesses. In addition to developing solutions for third party customers, MiOS sells its own control solutions under its Vera™ brand. With over 80 global employees, MiOS has operations in North America and South America as well as in Europe. Nortek's minority investment will provide growth capital for product development including personnel. 

"Nortek's investment in MiOS solidifies a long-term relationship that we expect will benefit both of our companies," said Nortek President and Chief Executive Officer Michael J. Clarke. "MiOS has an excellent IoT platform and global development capabilities, which we intend to utilize to develop lifestyle-driven solutions for the connected home across many of our businesses. MiOS will work primarily with our Broan-NuTone business as well as Nortek Security & Control and Core Brands to develop these solutions for several of our customer segments including builders, electricians, and installing dealers."

MiOS President, Lew Brown commented, "We are excited to partner with Nortek who shares our passion for the future of MiOS. Nortek has developed a highly respected platform and we see great opportunities to leverage Nortek's products, brands, distribution channels and customer relationships to drive growth for both our companies."

About Nortek
Nortek is a global, diversified industrial company whose many market-leading brands deliver broad capabilities and a wide array of innovative, technology-driven products and solutions for lifestyle improvement at home and at work. The Company's broad array of offerings includes ventilation products such as range hoods and bathroom fans, security and audio/video solutions, heating and cooling products, air management systems, and ergonomic and productivity solutions. Please visit www.nortek.com for more information.

As used herein, the term "Nortek" refers to Nortek, Inc., together with its subsidiaries, unless the context indicates otherwise. This term is used for convenience only and is not intended as a precise description of any of the separate corporations, each of which manages its own affairs.

Safe Harbor Statement
This press release includes statements that constitute "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "intend," "may," "plan," "potential," "project," "seek," "should," "will," or "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on Nortek's current plans and expectations and involve risks and uncertainties, over which we have no control, that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Nortek undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, readers are urged to carefully review and consider the reports and filings of Nortek with the Securities and Exchange Commission including the description of "risk factors" set forth under Item 1A in our Annual Report on Form 10-K and any further disclosures the Company makes on related subjects in subsequent reports filed with the SEC.

Contact Information

  • Contact:
    Michael Botelho
    Vice President, Strategy and Investor Relations
    Nortek, Inc.
    401.751.1600
    Email Contact