In a move to expand its home-technology product offering, Nortek Inc., a leading international designer, manufacturer and marketer of branded building products, today announced that its Linear Corporation subsidiary has acquired Panamax Inc., a designer and distributor of innovative power conditioning and surge protection products that improve the audio and video quality and prevent the loss or damage of home and small business electronics equipment due to power disturbances.
Panamax is a privately held firm located in Petaluma, Calif. Linear manufacturers gate-style access control, wireless security systems, remote control home devices and more security and safety products. Terms of the acquisition were not disclosed.
Panamax's products are designed to safeguard and improve the quality of the electrical current of a wide array of equipment including home theater, direct broadcast satellite systems, computers, telephone systems and copiers. Through Panamax, Nortek will benefit from the growth in the custom home automation/home entertainment market, which is being driven by the proliferation of such products as flat panel displays, whole house audio/video distribution systems, home networks, music servers, satellite and cable television and the Internet. Panamax's product lines and dealer networks complement those of Elan, OmniMount, Xantech and SpeakerCraft, Linear subsidiaries which also manufacture and sell products to distribute audio, video and data in residences. These companies as a group are positioned to become a market leader in this industry segment.
Richard L. Bready, Nortek's Chairman and Chief Executive Officer, said, "Panamax complements Nortek's existing businesses that offer a wide range of products for the home. The acquisition of Panamax gives Nortek additional opportunity to grow Nortek's presence in the custom installed home theater and electronics market." Mr. Bready added that he is very pleased that Bill Pollock, John Maloney and Bob Smith, the management team of Panamax, are remaining with the company to lead its continued growth.
