Nortek acquires Niles
PROVIDENCE, R.I.--In a move that further expands its home technology product offerings, Nortek, a building and indoor environmental controls company, announced July 15, the acquisition of Niles Audio Corp.
Located in Miami, Niles was founded in 1978 and offers more than 500 home audio and video products, including speakers, receivers, amplifiers, controls and accessories.
"Niles' whole line of products complements products from our other companies," said Ed Cooney, vice president and treasurer of Nortek. Other companies owned by Nortek include Linear subsidiaries Elan, Panamax, OmniMount, Xantech, M&S Systems and SpeakerCraft
Frank Sterns, executive vice president of Niles, will remain with the company as vice president and chief operating officer.
"Basically, Niles will continue to operate as it has in the past," said Cooney, "As a result of this transaction, we don't anticipate any significant changes in personnel or (office location.)"
This type of acquisition is in line with Nortek's existing strategy of buying similarly focused businesses, Richard L. Bready, Nortek's chairman and chief executive officer, said in a statement.
Financial terms of the acquisition were not released.