Newspaper article St Louis Post-Dispatch (MO)

Melrose Buying HVAC Maker Nortek for $2.8 Billion

Newspaper article St Louis Post-Dispatch (MO)

Melrose Buying HVAC Maker Nortek for $2.8 Billion

Article excerpt

British turnaround firm Melrose Industries said Wednesday that it had agreed to buy Nortek Inc., parent of O'Fallon, Mo.-based Nortek Global HVAC, in a deal worth $2.81 billion.

The news lifted Nortek shares to $86.58, an increase of nearly 39 percent and the Providence, R.I.-based company's best showing in more than 10 months.

Prior to 2015, Nortek Global HVAC was known as Nordyne, a company formed in 1987 through the merger of Intertherm Inc. of St. Louis and Miller Heating & Air Conditioning of Holland, Mich.

Nordyne grew to become a sizable local employer, with 1,800 employees in Missouri in 2003. But it began paring its local footprint by shuttering a furnace plant in 2003 in south St. Louis on property that now houses the Loughborough Commons retail center. …

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