Nortek has announced the closing of its previously disclosed acquisition of the heating, ventilation and air conditioning (HVAC) business of Thomas & Betts Corporation.
Thomas & Betts’ HVAC business (“T&B HVAC”) 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.
Nortek acquired T&B HVAC for approximately £155 million on a cash and debt-free basis.
Nortek president and chief executive officer 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).
“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.”