Nortek CEO Comments on Difficult Housing Market

Nortek's CEO stated that the mortgage crisis has driven housing starts below 1 million, amplified by high oil and gas prices and low consumer confidence, and expects the difficult housing market to continue throughout 2008.

“The mortgage crisis has driven housing starts down to a level of less than 1 million starts. This action has been amplified by high oil and gas prices and consumer confidence is at unprecedented lows. While we expect the difficult housing market will continue throughout 2008, Nortek plans to maintain its leadership position in these difficult markets while remaining poised for participation long-term in improving home improvement and residential building markets.”

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