United Technologies Reportedly In Talks To Buy Nortek

(RTTNews) - United Technologies Corp. (UTX) is in talks to buy Nortek Inc. (NTK), a maker of home-security and ventilation systems, the Wall Street Journal reported citing people familiar with the matter.

It is unclear where talks between United Technologies and Nortek stand or what price is being discussed. As with all such discussions, they may not lead to a deal, the Journal said. As of on Thursday, Nortek has a market value of $1.41 billion.

Nortek filed for bankruptcy in 2009 and eliminated $1.3 billion of debt in the process. Since emerging from bankruptcy that same year, Nortek has warned in regulatory filings that it could still face trouble managing its outstanding debt, which totaled more than $1.3 billion at the end of 2014.

UTX closed Thursday's trading at $95.82, down $2.39 or 2.43%. NTK closed Thursday's trading at $86.78, up $12.62 or 17.02%.