Nortek, Inc., the parent of Broan Manufacturing, announced plans to buy NuTone, Inc., a subsidiary of Williams PLC of London, for $242.5 million in cash.
Nortek, based in Providence, R.I., makes building, remodeling and environmental control products, including range hoods, home ventilating products, heating and air conditioning systems, windows, doors and vinyl siding products. The company's net sales last year were $1.13 billion.
NuTone, based in Cincinnati, Ohio, has been Nortek's primary competitor in range hoods, radio intercoms, bath fans and heaters, Nortek said in documents it filed with the U.S. Securities and Exchange Commission. NuTone also makes door chimes and central vacuum cleaners. NuTone had revenues of $199 million last year. The sale is expected to close by midyear.