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Contact: Peter Schwartz
800-999-5225
MULTIPLEX TECHNOLOGY AQUIRED BY NORTEK
Brea, CA - In a move to expand its product offering for the nations homebuilders, Nortek, Inc. (NYSE:NTK) today announced it has acquired Multiplex Technology, Inc., a leading manufacturer and designer of high-performance, multi-room video distribution equipment for home automation/home entertainment. Multiplex Technology, a 16-year-old, privately held firm located in Brae, California, reported 1998 net sales of approximately $10 million. Terms of the acquisition were not disclosed.
Multiplexs
products, which are marketed under the ChannelPlusÒ
name, send high-quality VCR, satellite, laserdisc player, DVD and surveillance camera
pictures from single input devices to multiple televisions in the home. In addition, the Companys infrared remote
control systems allow these input devices to be controlled from any television in the
home. ChannelPlus integrated home
network system provides video entertainment and telecommunications (telephone, fax and
Internet connections) throughout the house.
Through Multiplex, Nortek will benefit from the growth in the home automation/ home entertainment market, which is being driven by the proliferation of such products as VCR, cable, DVD systems, laserdiscs, satellite television and the Internet.
Richard L. Bready, Norteks Chairman and Chief Executive Officer, said that, One of our major business strategies is to provide the homebuilder with one-stop shopping for assorted building materials. The acquisition of Multiplex gives us the opportunity to complement our already strong position with homebuilders by providing them with state-of-the-art wired house technology. Todays home buyers are expecting a new home to be fully wired and capable of delivering the Internet to all computers as well as to all TVs. In addition, front door cameras, satellite TV, and DVD players should be available on all TVs. Consumers expect telephone, computer, and television outlets throughout the modern home. Multiplexs products combined with our market access will move Nortek to a leadership position in the home-systems market.
Nortek is a leading international manufacturer and distributor of high-quality, competitively priced building, remodeling and indoor environmental control products for the residential and commercial markets. The Company offers a broad array of products for improving the environments where people live and work. Its products include range hoods and other spot ventilation products, heating and air conditioning systems, wood and vinyl windows and doors, vinyl siding products, indoor air quality systems, and specialty electronic products.
Through Multiplex, Nortek will benefit from the growth in the home automation / home entertainment market, which is being driven by the proliferation of such products as VCR, cable, DVD systems, laserdiscs, satellite television and the Internet.
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