By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Petaluma, Calif. – Core Brands tapped Matt Dever, formerly with THX and Pioneer, as audio segment marketing manager.
At THX, Dever was senior director of sales, responsible for overseeing licensing and certification programs for the company’s automotive, cinema, consumer electronics and education divisions.
Petaluma, Calif. — Core Brands, a subsidiary of Nortek, has named Joe Roberts products and marketing VP.
Prior to joining Core Brands, Roberts, a 20-year industry veteran, held executive-level, general management and senior marketing positions at companies including The Learning Company, Broderbund, Corel, eLanguage and others.
He replaces industry veteran Paul Starkey. “We are grateful for Paul’s dedicated service and wish him all the best in his future endeavors,” said Bill Pollock, president of Core Brands.
Petaluma, Calif. – Nortek subsidiary Core Brands plans fall shipments of the first two products in its Korus-branded wireless multi-room audio line, which is intended for do-it-yourselfers.
The $399 V600 and $299 V400 amplified tabletop speakers will be available at KorusSound.com and in retail outlets this fall, said the company, which markets multiple custom-install brands.
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.