British turnaround firm Melrose Industries said Wednesday that it had agreed to buy Nortek Inc., parent of O’Fallon-based Nortek Global HVAC, in a deal worth $2.81 billion.
The deal gives Melrose access to Nortek’s large North American ventilation and home security business against a backdrop of “key U.S. economic indicators pointing to continued momentum in construction.” according to the British firm.
Prior to 2015, Nortek Global HVAC was known as Nordyne, a company formed in 1987 through the merger of Intertherm Inc. of St. Louis and Miller Heating & Air Conditioning of Holland, Mich.
Nordyne had 1,800 employees in Missouri as of 2003, but its footprint in the state has since diminished. Nortek Global HVAC lists 256 area employees.
In 2013, Nordyne announced it would shutter its Missouri plants and move manufacturing to Saltillo, Mexico. More than 700 jobs were lost at the company’s factories in Boonville and Poplar Bluff.
Read more: St. Louis Post-Dispatch