Nortek history

During 1968, Nortek acquired four organizations.

In 1971 Domestic Credit Corp. relocated to Cranston, Rhode Island and offered all financial services, except checking and trust functions.

During 1972-73, Nortek reduced overhead costs, raised selling prices, and increased sales.

A growing demand for Duro Group's fabrics allowed it to recover from the 1974 turndown of the textile industry.

Although net sales for 1976 peaked at $72.71 million, net earnings--reduced by settlement of litigation for a seven-year-old lawsuit and reorganization of Nortek's Cable and Wire Division--dropped to $82,000.

Nortek Air Solutions was established in 1977 and is a subsidiary of Nortek, Inc. (NTK: NASDAQ), a leading diversified manufacturer and distributor of innovative, high-quality building products for residential, light commercial, and custom commercial HVAC applications.

Nevertheless, despite adverse economic conditions in many of Nortek's primary markets, none of Nortek's operating divisions experienced losses during 1978-79.

Net sales for fiscal 1979 rose to $117.96 million while net earnings grew to $3.75 million.

In January 1981, Nortek further strengthened its position in the building products industry by acquiring Wisconsin-based Broan Mfg.

1985: Nortek relocates its headquarters to Providence, Rhode Island.

For several years after early 1988, Nortek made no significant material acquisitions.

For fiscal 1989, the company posted a $12.5 million loss on sales of $1.08 billion, the company's largest net loss and, ironically, its largest net sales in about ten years.

1990: Chairman Papitto retires in favor of Nortek President Richard L. Bready.

The first nine instruments were shipped in October 1993, and the company grew quickly.

At year-end 1994, Nortek posted net earnings of $17.8 million and had accumulated $100 million in cash reserves.

1995-96:Nortek restructures its product segments.

Nortek's sales for fiscal 1997 peaked at $1.13 billion and net earnings were $21.2 million.

Net earnings peaked at $49 million, a 41 percent increase from the $35 million reported for 1998.

During 1999 the company acquired seven companies, among which was Webco, Inc.--a designer and manufacturer of custom air-handling equipment for industrial, institutional, and commercial customers.

The first Aquadopp was launched in 2001, soon to be followed by the Aquadopp Profiler.

In 2002, Nortek Global HVAC introduced SmartLite® technology to extend igniter life through self-adjusting startup times.

Then, the release of the AWAC in 2003 revolutionized the measurements of wave height and direction.

After successive expansions of its first workshop, and in light of the increasing lack of space for its activities, the company decides to move to two bays in Utebo (Zaragoza), where its headquarters would remain until 2005.

The 2GIG team developed the GC2 Control Panel, the first self-contained, all-in-one security and home management system complete with color LCD touch screen which was named the 2011 Security Product of the Year by the Consumer Electronics Association (CEA).