Nortek has completed its acquisition of the hvac business of Thomas & Betts Corporation for approximately $260m on a cash and debt-free basis.
Thomas & Betts is a wholly owned subsidiary of ABB and designs, manufactures and sells unit heaters, radiant heaters and rooftop heating, ventilation and cooling products for industrial and commercial applications primarily in North America and Europe. Its brands include Reznor (USA), AmbiRad, Reznor Europe, Reznor (UK), Gaz Industrie (France) and manufacturing operations in Monterrey, Mexico. Principal end-use applications for T&B HVAC products include warehouses, factories, restaurants, retail locations and institutions and other applications.
Nortek president and ceo Michael J Clarke said: 'Acquiring T&B HVAC helps us link our three major segments in the air management category, which include Residential Ventilation (RESV), Residential Heating and Cooling (RHC) and Custom and Engineered Solutions (CES).'
He continued: 'In addition, acquiring this business will open the door to cross-selling opportunities, as well as cost synergies, particularly in the areas of supply chain, manufacturing and logistics. In addition, it will enable us to extend our air management business into attractive adjacent segments of the HVAC market in the United States and Europe.'