By PBN Staff
By PBN Staff
PROVIDENCE – Nortek Inc. announced Wednesday that it has completed its acquisition of the heating, ventilation and air conditioning business of Thomas & Betts Corp., a wholly owned subsidiary of international power and automation manufacturer ABB Ltd.
Nortek paid approximately $260 million for the businesses, in addition to financing the purchase and repaying about $93 million of existing debt through a roughly $350 million senior secured term loan and cash on hand.
T&B HVAC includes Reznor LLC in the U.S., AmbiRad Ltd. and Reznor Ltd. in the United Kingdom, Reznor Europe N.V. in Belgium, Gaz Industrie S.A.S. in France and manufacturing operations in Monterrey, Mexico. The companies design, manufacture and sell industrial and commercial heating, ventilation and cooling products used in warehouses, factories, restaurants and other institutions.
In total, the businesses reported about $160 million in sales in 2013, Nortek said previously.
“Acquiring T&B HVAC helps us link our three major segments in the air management category, which include residential ventilation, residential heating and cooling, and custom and engineered solutions,” said Nortek President and CEO Michael J. Clarke in a release. “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.”