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Rheem to buy Nortek Global HVAC
This marks the second major OEM deal announced in the past two months
Image: HVACSeer
Rheem on Wednesday “announced its intent” to acquire Nortek Global HVAC (NGH), as first reported by Contracting Business.
The big picture: This marks the second major OEM deal announced in the past two months, following Bosch’s acquisition of Johnson Controls’ residential HVAC portfolio.
Rheem is North America’s fourth-largest HVAC manufacturer, holding an ~11% market share, according to a 2020 report.
What’s happening: NGH, which manufactures Maytag and Frigidaire HVAC products, will become part of Rheem’s Global Air division. No financial terms were disclosed.
“NGH has a remarkable team that brings unique products, operational capabilities, and market channels to complement Rheem’s expanding Air and Water businesses,” said Mike Branson, President of Global Air at Rheem.
Rheem didn’t respond to Homepros’ request for comment regarding contractor implications, particularly concerning pricing.
What’s next: The deal is pending approval, with no specified closing timeline.
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