Nortek to Acquire Thomas & Betts' HVAC Business for $260M

Nortek, Inc. announced a definitive agreement to acquire the HVAC business of Thomas & Betts Corporation, a subsidiary of ABB Ltd, for approximately $260 million in cash. The acquisition includes the Reznor brand and other global manufacturing operations, expanding Nortek's air management segment into adjacent commercial HVAC markets in the U.S. and Europe.

“Nortek, Inc. (Nasdaq: NTK), a global diversified manufacturer of innovative, air management and technology-driven products and solutions for residential and commercial applications, today announced it has signed a definitive agreement to acquire the heating, ventilation and air conditioning (HVAC) business of Thomas & Betts Corporation, which is a wholly owned subsidiary of ABBLtd (VTX: ABBN), a global power and automation company.”

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