NKT Holdings withdraws initial public offering
Providence, R.I.-based HVAC company NTK Holdings has canceled its initial public offering according to a Securities and Exchange Commission filing this week.
The company said that the application was withdrawn “due to the unsettled market conditions.” The company had planned to use the IPO proceeds to repay debt.
The announcement was part of Nortek’s third-quarter earnings statement. Nortek, which reported a 4 percent increase in sales, is a subsidiary of NKT.
The company reported net earnings of $37.6 million for the period ended Sept. 29, down 44.9 percent from last year’s earnings of $67.7 million in the same period last year. Nortek also reported net sales of $602 million, up 4 percent from $579 million last year.
NTK Holdings manufactures air conditioning, heating ventilation and home environmental control technology products.
Newell Rubbermaid names new board member
Home goods maker Newell Rubbermaid has named Domenico De Sole, former CEO of Gucci Group, to its board of directors.
The appointment raises the total number of board members to 12, the company said.
De Sole also serves as chairman of Tom Ford International.
Previously, De Sole was a partner at Washington, D.C., law firm Patton, Boggs & Blow.
Newell Rubbermaid is a global marketer of consumer and commercial products, with brands including outdoor products manufacturer Bernzomatic, Rubbermaid and kitchen housewares maker Calphalon.
TOUSA reports third-quarter loss of $619.7 million
Home builder Technical Olympic USA (TOUSA) reported third-quarter net losses of $619.7 million, wider than the $80 million in losses the company reported last year. Revenue fell 15 percent to $492.9 million from $576.8 million in the same period last year.
The company was hit with $530.6 million in one-time, pre-tax charges related to the abandonment of land option contracts and inventory issues.
TOUSA reported consolidated net sales orders of 892, a 33 percent decrease from last year. The company’s cancellation rate increased to 47 percent, compared to 33 percent for the third quarter of 2006 and 33 percent for the second quarter of 2007.
The New York Stock Exchange has halted trading of the company’s stock, following a drop in stock price to below $1.05. If stocks continue to be low, the company is in danger of being delisted by the NYSE.
Hollywood, Fla.-based TOUSA is a national home builder and financial services company with operations in Florida, the Mid-Atlantic, Texas and the West.