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Nortek Acquires ELAN Home Systems.
- Article from:
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Residential System
- Article date:
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February 1, 2003
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Copyright informationCOPYRIGHT 2003 CMP Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LEXINGTON, KY-ELAN Home Systems has been acquired by Nortek Inc. Nortek is a manufacturer and distributor of building, remodeling and indoor environmental control products for residential and commercial markets.
According to ELAN, the purchase ends an 18-month search for investors that met ELAN management's criteria for accelerating company growth and keeping intact its focus on innovative products and dealer support.
"The Nortek acquisition gives us greater access to capital and a strong manufacturing expertise," stated ELAN president and CTO Bob Farinelli. "We were also impressed with Nortek's track record of allowing companies to remain autonomous and pursue ...