Security products maker Nortek announced last week that is has acquired Minnesota-based Ergotron, a manufacturer of ergonomic mounting and mobility products for computer monitors and flat panel displays.
According to a statement issued by the company, Nortek will pay $280 million for all of the outstanding common stock of Ergotron. The board of directors for each company has approved the deal, which is expected to close at the end of the month.
Once the acquisition is completed, Ergotron is expected to become a part of Nortek’s home technology products business.
"The acquisition of Ergotron will be complementary to Nortek's existing home technology products segment and provides Nortek with an additional platform for growth and profitability, while diversifying its exposure to the commercial, healthcare and education markets," said Richard L. Bready, Nortek's chairman and CEO. "Ergotron's management team has demonstrated a track record of growth in net sales and profits during the recent economic downturn."