SpeakerCraft Sold to NortekSpeakerCraft, a manufacturer/marketer of architectural speakers and related custom install products, will join a family of audio/video companies owned 7/17/2003 8:00 AM Eastern
SpeakerCraft, a manufacturer/marketer of architectural speakers andrelated custom install products, will join a family of audio/videocompanies owned by Nortek’s subsidiary.
Jeremy Burkhardt, SpeakerCraft president and co-founder, said thatthe sale would enable SpeakerCraft to "accelerate growth and enter newproduct categories," which he could help direct "as an owner in theparent company.
"This team up with Nortek creating one of the largest groups ofcustom product manufacturers is a monumental move in the custominstallation market," Burkhardt continued. "As custom installers, weknow how frustrating it is to have different technologies thatbasically do the same thing. We will share technology and we willdevelop new products that will help our dealers simplify theinstallation process."
He said that SpeakerCraft does not intend to change its currentsales or distribution policies, increase the number of dealers in agiven market or change its select limited-distribution philosophy."Exclusivity is a major reason why SpeakerCraft has performed as wellas it has," he said. "Product performance and customer service are theingredients that have made SpeakerCraft the largest architecturalloudspeaker manufacturer in the industry. We sold to Nortek because wewant to be leaders in the industry and we want to win. Our collectivetalent pool is tremendous: No other team can compete with what we haveput together. This team enables all of us to capitalize on ourrespective engineering expertise. Meantime, our strategy will be tocontinue helping our dealers to grow and continue to increase ourmarket share."