Nortek Pays $260M for Thomas & Betts’ HVAC Business
Nortek signed a definitive agreement to acquire the heating, ventilation and air conditioning (HVAC) business of Thomas & Betts, which is a wholly owned subsidiary of ABB.
Under the terms of the agreement, Nortek will pay about $260 million for Thomas & Betts’ HVAC business in an all-cash transaction. T&B HVAC includes Reznor Manufacturing (US), AmbiRad (UK), Reznor Europe (Belgium), Gaz Industrie (France) and manufacturing operations in Monterrey, Mexico.
T&B HVAC designs, manufactures and sells unit heaters, radiant heaters and rooftop heating, ventilation and cooling products for industrial and commercial applications. Principal end-use applications for T&B HVAC products include warehouses, factories, restaurants, retail locations and institutions and other applications.
Net sales of T&B HVAC were about $160 million in 2013. The transaction is expected to close during the second quarter of 2014, subject to customary closing conditions.
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