Nortek announces acquisition of Anthro

Nortek, Inc. (Nasdaq: NTK), a global diversified industrial company with leading brands and innovative air management and technology-driven products and solutions for residential and commercial applications, today announced it has acquired Anthro Corporation, a designer and manufacturer of technology furniture. Nortek funded the transaction using cash on hand and borrowings under its existing asset-based lending facility.

Based in Tualatin, Oregon, Anthro primarily produces charging carts and mobile workstations, including healthcare carts, as well as height adjustable sit/stand desks. Unaudited net sales of Anthro were approximately $38 million for 2014. This business will be reported under the Ergonomic and Productivity Solutions segment in Nortek's financial statements.

"The addition of Anthro will enable our Ergonomics business to expand its product portfolio and improve its market presence both domestically and internationally," said Nortek President and Chief Executive Officer Michael J. Clarke. "Anthro's strong brand, product offerings and distribution into the education, healthcare and office markets are excellent complements to our existing business."

"Our business has a long history of innovation and prides itself on delivering high-quality products and superior customer service," said Pete Segar, group president of Nortek's Ergonomic and Productivity Solutions segment. "Our collective product portfolio will meet the needs of more customers in our market segments, while we collaborate on developing new products leveraging our combined strengths in design, engineering, manufacturing and marketing. We welcome the Anthro team as we begin to share ideas, information and resources in an effort to enhance the performance of our overall business and bring it to the next level."