Nortek Inc. (Nasdaq: NTK) is buying the heating, ventilation and air conditioning (HVAC) business of Thomas & Betts Corp. for $260 million.
Nortek will acquire Reznor Manufacturing Co. LLC, AmbiRad Ltd., Reznor Europe NV, Gaz Industrie SAS and manufacturing operations in Monterrey, Mexico, through the deal. Thomas & Betts, headquartered in Memphis, Tenn., is a subsidiary of ABBLtd (VTX: ABBN), a power and automation company.
For Providence, R.I.-based Nortek, the deal will allow it to extend its HVAC business in the U.S. and Europe. Aside from HVAC systems, Nortek provides security, heating and cooling products and digital display mounting products.
Wells Fargo Securities LLC served as Nortek's financial adviser on the deal.
Other recent manufacturing deals include Quinpario Acquisition Corp.'s (Nasdaq: QPAC) deal for Jason Inc., the parent company of a group of manufacturing businesses, and Green Automotive Co.'s acquisition of Blackhawk Manufacturing Inc.