SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                 FORM 10-Q


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            QUARTERLY REPORT PURSUANT TO SECTION 12 OR 15(d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934


For quarter ended March 31, 2001               Commission File Number 333-19257


                               KINETEK, INC.
             (Exact name of registrant as specified in charter)


          Delaware                                          36-4109641
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                          Identification No.)


    ArborLake Centre, Suite 550                                  60015
        1751 Lake Cook Road                                    (Zip Code)
        Deerfield, Illinois
(Address of Principal Executive Offices)


            Registrant's telephone number, including area code:
                               (847) 945-5591


         Former name, former address and former fiscal year, if changed since
last report:  Not applicable



        Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports) and
(2) has been subject to such filing requirements for the past ninety (90)
days.


                        Yes     x               No
                              ----                 ----

        The aggregate market value of voting stock held by non-affiliates
of the Registrant is not determinable as such shares were privately placed
and there is currently no public market for such shares.

        The number of shares outstanding of Registrant's Common Stock as
of May 10, 2001:  100,000.






<PAGE>



                               KINETEK, INC.


                                   INDEX


Part I        FINANCIAL INFORMATION                                    PAGE NO.
------        ---------------------                                    --------

Item 1.       Financial Statements (Unaudited)                            3

Item 2.       Management's Discussion and Analysis of Financial           9
              Condition and Results of Operations

Item 3.       Quantitative and Qualitative Disclosures About             11
              Market Risk


Part II       OTHER INFORMATION
-------       -----------------
Item 1.       Legal Proceedings                                          12

Item 2.       Changes in Securities and Use of Proceeds                  12

Item 3.       Defaults Upon Senior Securities                            12

Item 4.       Submission of Matters to a Vote of Security                12
              Holders

Item 5.       Other Information                                          12

Item 6.       Exhibits and Reports on Form 8-k                           12

              Signatures                                                 13















                                      2



<PAGE>



                       PART I. FINANCIAL INFORMATION



Item 1.  FINANCIAL STATEMENTS (Unaudited)
         --------------------------------

                                                                     PAGE NO.
                                                                     --------

Condensed Consolidated Balance Sheets at March 31, 2001                 4
and December 31, 2000

Condensed Consolidated Statements of Income for the                     5
three months ended March 31, 2001 and 2000

Condensed Consolidated Statements of Cash Flows for the three           6
months ended March 31, 2001 and 2000

Notes to Condensed Consolidated Financial Statements                   7-8






















                                          3



<PAGE>

<TABLE>
<CAPTION>

                               KINETEK, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                     (ALL DOLLAR AMOUNTS IN THOUSANDS)


                                                         March 31,         December 31,
                                                           2001                2000
                                                      ---------------   -----------------
                                                        (Unaudited)

<S>                                                    <C>                 <C>
ASSETS
Current Assets:
  Cash and cash equivalents                             $ 12,250            $  8,490
  Accounts receivable, net                                58,467              51,402
  Inventories                                             46,696              44,548
  Prepaid expenses and other current assets                3,556               3,941
  Due from affiliated company                              2,428               5,414
                                                        --------            --------
       Total Current Assets                              123,397             113,795

Property, plant, and equipment, net                       20,410              19,933
Goodwill, net                                            202,670             202,007
Deferred financing costs, net                             10,154              10,601
Deferred income taxes                                      1,060               1,060
Investment in affiliate                                   12,344              12,344
Other assets, net                                          1,213               1,342
                                                        --------            --------
       Total Assets                                     $371,248            $361,082
                                                        ========            ========

LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities:
  Accounts payable                                      $ 24,351            $ 20,965
  Accrued interest payable                                11,810               4,860
  Accrued expenses and other current liabilities          10,412              12,829
  Current portion of long term debt                       25,036              30,355
                                                        --------            --------
       Total Current Liabilities                          71,609              69,009

Long-term debt                                           282,476             282,297
Other non-current liabilities                              3,771               2,637

Shareholder's Equity:
  Common Stock                                                 1                   1
  Additional paid-in-capital                              50,005              50,005
  Accumulated other comprehensive loss                   (11,684)            (16,043)
  Accumulated deficit                                    (24,930)            (26,824)
                                                        --------            --------
      Total Shareholder's Equity                          13,392               7,139
                                                        --------            --------
      Total Liabilities and Shareholder's Equity        $371,248            $361,082
                                                        ========            ========











     See accompanying notes to condensed consolidated financial statements.


                                         4



<PAGE>

<CAPTION>

                               KINETEK, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                (UNAUDITED)
                     (ALL DOLLAR AMOUNTS IN THOUSANDS)



                                                          Three Months Ended
                                                               March 31,
                                                     ----------------------------

                                                        2001                 2000
                                                        ----                 ----

<S>                                                     <C>              <C>
Net Sales                                                $78,297          $ 79,661
Cost of sales, excluding depreciation                     49,284            49,921
Selling, general and administrative expenses              12,981            12,111
Depreciation                                               1,383             1,442
Amortization of goodwill and other intangibles             2,106             2,344
Management fees and other                                    793               805
                                                        --------          --------

Operating Income                                          11,750            13,038

Other (income)/ expense:
   Interest expense                                        8,331             8,353
   Interest income                                          (101)              (81)
   Miscellaneous, net                                         77                40
                                                        --------          --------

Income before income taxes                                 3,443             4,726

Provision for income taxes                                 1,549             2,127
                                                        --------          --------

Net Income                                              $  1,894          $  2,599
                                                        ========          ========











           See accompanying notes to condensed consolidated financial statements.


                                       5



<PAGE>

<CAPTION>

                               KINETEK, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (UNAUDITED)
                     (ALL DOLLAR AMOUNTS IN THOUSANDS)


                                                                        Three Months Ended
                                                                            March 31,
                                                                  -----------------------------

                                                                     2001                2000
                                                                     ----                ----

<S>                                                               <C>                  <C>
Cash flows from operating activities:
  Net income                                                      $  1,894             $ 2,599
Adjustments to reconcile net income to net
  cash provided by operating activities:
   Depreciation and amortization                                     3,812               4,109
   Provision for deferred income taxes                                 584                 392

Changes in operating assets and liabilities net of
  effects from acquisitions:
   Current assets                                                   (8,828)                659
   Current liabilities                                               7,919              10,516
   Non-current assets & liabilities                                    548                 531
   Payable to affiliated company                                     2,986              (1,410)
                                                                  ---------            --------
   Net cash provided by operating activities                         8,915              17,396

Cash flows from investing activities:
   Capital expenditures, net                                          (797)             (1,187)
   Contingent purchase price                                            -               (3,093)
   Acquisition of subsidiary                                            -               (5,200)
                                                                  ---------            --------
   Net cash used in investing activities                              (797)             (9,480)

Cash flows from financing activities:
   Net repayment of borrowings under revolving
     credit facility                                                (3,000)             (6,000)
   Net repayment of other long-term debt                            (2,767)               (155)
                                                                  ---------            --------
   Net cash used in financing activities                            (5,767)             (6,155)

Effect of exchange rate changes on cash                              1,409              (1,309)
                                                                  ---------            --------

Net increase in cash and cash equivalents                            3,760                 452

Cash and cash equivalents at beginning of period                     8,490              11,260
                                                                  --------             --------
Cash and cash equivalents at end of period                        $ 12,250             $11,712
                                                                  ========             =======

</TABLE>








       See accompanying notes to condensed consolidated financial statements.


                                       6



<PAGE>


                               KINETEK, INC.
            NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                (UNAUDITED)
                     (ALL DOLLAR AMOUNTS IN THOUSANDS)


1.     Organization

The unaudited condensed consolidated financial statements, which reflect
all adjustments that management believes necessary to present fairly the
results of interim operations and which are of a normal recurring nature,
should be read in conjunction with the Company's consolidated financial
statements for the year ended December 31, 2000, included in the Company's
annual report on Form 10-K. The Company conducts its operations exclusively
through its subsidiaries. Results of operations for the interim periods are
not necessarily indicative of annual results of operations.


2.     Summary of Significant Accounting Policies

The condensed consolidated financial statements include the accounts of
Kinetek, Inc. and its subsidiaries. Material intercompany transactions and
balances are eliminated in consolidation. Operations of certain
subsidiaries outside the United States are included for periods ending two
months prior to the Company's year-end and interim periods to ensure timely
preparation of the condensed consolidated financial statements.


3.     Inventories

Inventories are summarized as follows:


                              March 31,           December 31,
                                 2001               2000
                            --------------       -------------


Raw materials                  $28,964             $26,599
Work in process                 12,248              12,564
Finished goods                   5,484               5,385
                               -------             -------
                               $46,696             $44,548
                               =======             =======


4.     Comprehensive Income

Total comprehensive income (loss) for the three months ended March 31, 2001
and 2000 is as follows:


                                                     Three Months Ended
                                                          March 31,
                                                 ---------------------------
                                                   2001             2000
                                                   ----             ----

Net income                                       $ 1,894          $ 2,599
Foreign currency translation adjustment            4,359           (3,557)
                                                 -------          -------
Comprehensive income (loss)                      $ 6,253          $  (958)
                                                 =======          =======


                                          7
<PAGE>

5.     Business Segment Information

See Part 1 "Financial Information" - Item 2 "Management's Discussion and
Analysis of Financial Condition and Results of Operations" for the
Company's business segment disclosures. There have been no changes from the
Company's December 31, 2000 consolidated financial statements with respect
to segmentation or the measurement of segment profit.





















                                       8



<PAGE>



Item 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
            RESULTS OF OPERATIONS

Summary financial information included in the financial statements of the
Company is as follows:



                                                      Three Months Ended
                                                          March 31,
                                                -------------------------------
                                                   2001               2000
                                                   ----               ----
                                                         (Unaudited)
                                                 (Dollar amounts in thousands)

Net sales                                         $56,825           $ 58,961
  Motors                                           21,472             20,700
                                                  --------          --------
  Controls                                         78,297             79,661

Operating income                                   11,587             13,122
  Motors                                            2,859              2,555
                                                  --------          --------
  Controls                                         14,446             15,677

Management fees and unallocated corporate
overhead                                            2,696              2,639
                                                  --------          --------
Total operating income                             11,750             13,038

Interest expense                                    8,331              8,353
Interest income and other                             (24)               (41)
                                                  --------           -------
Income before income taxes                        $ 3,443           $  4,726
                                                  =======           ========



Consolidated Results of Operations

Net sales for the first quarter decreased 1.7%, down $1.5 million from the
first quarter of 2000. The decline in sales was driven by softness in the
Motors segment, where sales fell by 3.6%, whereas the Controls segment
posted a 3.7% gain in sales. The decline in the Motors segment was
concentrated in Subfractional products, where sales fell 17% from 2000's
first quarter due to significant declines in the appliance motor market
coupled with continued softness in the market for bottle and can vending
motors. Sales of Fractional and Integral products were up 6% for the
quarter, led by strong demand for DC motors sold in the material handling
market, plus strong growth in Europe which was somewhat dampened by the
weaker Euro. Growth in the Controls segment was driven by the elevator
control replacement market, with sales for those products up 9% for the
quarter.

Operating income fell $1.2 million, down 7.9% from the prior year period.
The motors segment was down 12%, while the Controls segment was up 12% for
the quarter. Gross margin fell $0.7 million, or 2.4% from 2000, reflecting
a decline from 37.3% of sales in the prior year to 37.1% of sales in the
first quarter of 2001. Gross margins in the Motors segment declined
slightly as a result of external pricing pressure and unfavorable
manufacturing leverage in the subfractional product line due to the fall in
sales, offset somewhat by cost improvements from the Company's productivity
and material sourcing initiatives. Gross margins in the Controls segment
improved as a result of manufacturing leverage in the elevator controls


                                    9

<PAGE>

market and operational improvements in the automotive conveyor controls
market. Selling, general, and administrative expenses increased in support
of the Company's initiatives to develop new products and markets, resulting
in operating margin falling from 16.4% of sales in the first quarter of
2000 to 15.0% of sales in 2001.

Liquidity and Capital Resources

In general, the Company requires liquidity for working capital, capital
expenditures, interest, taxes, debt repayment and its acquisition strategy.
Of primary importance are the Company's working capital requirements, which
increase whenever the Company experiences strong incremental demand or
geographical expansion. The Company expects to satisfy its liquidity
requirements through a combination of funds generated from operating
activities and the funds available under its revolving credit facility.

Operating activities. Net cash provided by operating activities for the
three months ended March 31, 2001 was $8.9 million, compared to $17.4
million provided from operating activities for the three months ended March
31, 2000. The decrease is due primarily to increases in working capital
during the first quarter of 2001.

Investing activities. In the first quarter of 2001, the Company made $0.8
million in payments for capital expenditures.

Financing activities. The Company's annual cash interest expense on the
Senior Notes, which are due 2006, will be approximately $29.0 million.
Interest on the Senior Notes is payable semi-annually on May 15 and
November 15 of each year. Interest paid on the Junior Seller Notes was $0.5
million in the first quarter of 2001.

The Company is party to a Credit Agreement under which the Company is able
to borrow up to approximately $75.0 million to fund acquisitions and
provide working capital, and for other general corporate purposes.
Obligations under the Credit Agreement are guaranteed by Kinetek
Industries' subsidiaries, and secured by pledges of the stock of Kinetek
Industries' subsidiaries and liens in respect of certain assets of Kinetek
Industries and its subsidiaries. As of May 11, 2001, the Company has
approximately $49.2 million of available funds under this Credit Agreement.
In addition, under the terms of the Series D Notes, the Company is able to
increase the credit facility to approximately $115.0 million. The credit
Agreement expires November 15, 2001. The Company intends to replace the
revolving credit facility made under the Credit Agreement in 2001.
Management is confident such refinancing can be obtained under favorable
terms to the Company, however, such terms will be subject to market
conditions, which may change significantly.

The Company expects its principal sources of liquidity to be from its
operating activities and funding from the credit facility. The Company
further expects that these sources will enable it to meet its cash
requirements for working capital, capital expenditures, interest, taxes,
and debt repayment for at least the next 12 months.




                                       10


<PAGE>


Item 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company's debt obligations are primarily fixed-rate in nature and, as
such, are not sensitive to changes in interest rates. At March 31, 2001 the
Company had variable rate debt outstanding of $23.0 million. A one
percentage point increase in interest rates would increase the amount of
annual interest paid by approximately $0.3 million. The Company does not
believe that its market risk financial instruments on March 31, 2001 would
have a material effect on future operations or cash flow.

The Company is exposed to market risk from changes in foreign currency
exchange rates, including fluctuations in the functional currency of
foreign operations. The functional currency of operations outside the
United States is the respective local currency. Foreign currency
translation effects are included in accumulated other comprehensive income
in shareholder's equity.




























                                       11



<PAGE>



PART II.    OTHER INFORMATION



Item 1.     LEGAL PROCEEDINGS
            None


Item 2.     CHANGES IN SECURITIES AND USE OF PROCEEDS
            None


Item 3.     DEFAULTS UPON SENIOR SECURITIES
            None


Item 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
            None


Item 5.     OTHER INFORMATION
            None


Item 6.     EXHIBITS AND REPORTS ON FORM 8-K
            --------------------------------
            1)     27. EDGAR Financial Data Schedule


























                                           12




<PAGE>


                                 SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                               KINETEK, INC.



                                           By: /s/ Daniel Drury
                                               -----------------
                                               Daniel Drury
                                               Chief Financial Officer


        May 10, 2001


























                                             13