San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Carlsbad, Calif. — Nortek subsidiary Linear closed on its $135 million purchase of 2GIG Technologies, a privately held supplier of residential security and home-automation products.
The acquisition will complement Linear’s existing business, which consists of residential security systems, access control, intercoms, garage door openers, gate openers and the like, the company said.
Providence, R.I. — Nortek posted a wider net loss in its fiscal fourth quarter following two consecutive quarters of net profits, but the company nonetheless posted a full-year 2012 net profit following a 2011 net loss.
For the quarter, net sales fell 5.6 percent year over year to $505.4 million but grew for the year by 2.8 percent to $2.2 billion. Nortek is the parent of multiple residential and commercial system brands,
Providence, R.I. – Nortek, owner of multiple commercial and residential technology brands, signed a definitive agreement to acquire 2GIG Technologies, a privately held supplier of residential security and home-automation products.
The acquisition will “further our investment in home security” and “position us to participate in the lower end home-automation market,” Nortek senior VP/treasurer Ed Cooney told TWICE.
Providence, R.I. – Nortek, parent of multiple residential and commercial systems brands, posted its second consecutive quarter of net profits, but the figure was small.
In its fiscal third quarter, the company posted a $4.7 million net profit compared with a year-ago loss of $2.1 million. Second-quarter net profit was $18.5 million compared with a year-ago net loss of $31.9 million. The first-quarter net loss was $1.2 million.
In fiscal 2011, the company posted a net loss of $55.9 million following a 2010 net loss of $13.4 million.