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News 15/7/2003 SpeakerCraft Sold to Nortek in Bid to Help Lead Custom Installation Audio/Video Market SpeakerCraft, a leading manufacturer and marketer of architectural speakers and related custom installation products, announced today the sale of the company to Nortek, Inc. Jeremy Burkhardt, SpeakerCraft President and brand cofounder, said in making the announcement that it would enable SpeakerCraft to "accelerate growth and enter new product categories" which he could help direct "as an owner in the parent company." SpeakerCraft will join a family of audio/video companies owned by Nortek's subsidiary, Linear Corporation - all addressing the multi-billion dollar residential custom audio/video market. These include Elan Home Systems, L.L.C., Xantech Corporation, Multiplex Technology, Inc. (MTI) and the ChannelPlus(r) brand. "This team up with Nortek creating one of the largest groups of custom product manufacturers is a monumental move in the custom installation market," Burkhardt said. "As custom installers, we know how frustrating it is to have different technologies that basically do the same thing. We will share technology and we will develop new products which will help our dealers simplify the installation process." He said SpeakerCraft does not intend to change its current sales or distribution policies, increase the number of dealers in a given market or change their select limited distribution philosophy. "Exclusivity is a major reason why SpeakerCraft has performed as well as it has," he said. "Product performance and customer service are the ingredients that have made SpeakerCraft the largest architectural loudspeaker manufacturer in the industry." "We sold to Nortek because we want to be leaders in the industry and we want to win. Our collective talent pool is tremendous: no other team can compete with what we have put together. This team enables all of us to capitalize on our respective engineering expertise. Meantime, our strategy will be to continue helping our dealers to grow and continue to increase our market share." www.speakercraft.com
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