| PROVIDENCE, RI -- (PRNewswire-FirstCall) Nortek, Inc., a leading international
designer, manufacturer and marketer of building products, today announced that its Ply Gem Industries, Inc. subsidiary has sold the stock of its Hoover Treated Wood Products, Inc. subsidiary to the Alpha Private Equity
Group and Management.
Hoover Treated Wood Products, headquartered in Thomson, Georgia, is a leading global supplier of fire retardant treated wood and a full-line supplier of pressure treated wood. Brand names, which are primarily sold
in the U.S., Japan, Canada and the United Kingdom, include Pyro-Guard® and Exterior Fire-X®. Proceeds from
the sale are approximately $20 million, a portion of which will be used to repay indebtedness.
In announcing the sale, Richard L. Bready, Chairman and Chief Executive Officer, said, While Hoover Treated
Wood Products is a strong player in the markets it serves, it is not a strategic fit with our key operating groups.
The sale of this asset is consistent with Nortek's commitment to continually review and strengthen its core
businesses.
For 2001 Hoover had unaudited net sales of $68.2 million.
Nortek currently markets its products worldwide through 29 operating companies in three groups: Residential
Building Products, Air Conditioning and Heating Products, and Windows, Doors and Siding. The Company holds
worldwide market leadership positions in kitchen range hoods and bath fans, and is the number one North
American provider of residential indoor air quality products, custom-designed commercial HVAC systems and
HVAC for manufactured housing.
Nortek, with its subsidiaries, is a leading international manufacturer and distributor of high- quality, competitively priced building,
remodeling and indoor environmental control products for the residential and commercial markets. The
Company offers a broad array of products for improving the environments where people live and work. Its
products include range hoods and other spot ventilation products; heating and air conditioning systems; vinyl
products, including windows and doors, siding, decking, fencing and accessories; indoor air quality systems;
and specialty electronic products.
This eUpdate posting by: Steve Joyce
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