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 September 30, 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
November 13, 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 September 30, 2001               4
and December 31, 2000

Condensed Consolidated Statements of Operations for the                   5
three and nine months ended September 30, 2001 and 2000

Condensed Consolidated Statements of Cash Flows for the nine              6
months ended September 30, 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)

                                                               September 30,       December 31,
                                                                   2001                2000
                                                             -----------------   ----------------
                                                               (Unaudited)

<S>                                                            <C>                  <C>
ASSETS
Current Assets:
  Cash and cash equivalents                                       $ 12,514           $ 8,490
  Accounts receivable, net                                          54,704            51,402
  Inventories                                                       40,322            44,548
  Prepaid expenses and other current assets                          3,546             3,941
  Due from affiliated company                                        7,986             5,414
                                                                  --------          --------
       Total Current Assets                                        119,072           113,795

Property, plant, and equipment, net                                 19,851            19,933
Goodwill, net                                                      197,518           202,007
Deferred financing costs, net                                        9,258            10,601
Deferred income taxes                                                1,060             1,060
Investment in affiliate                                             12,344            12,344
Other assets, net                                                    1,098             1,342
                                                                  --------          --------
       Total Assets                                               $360,201          $361,082
                                                                  ========          ========

LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities:
  Accounts payable                                                $ 22,328          $ 20,965
  Accrued interest payable                                          11,953             4,860
  Accrued expenses and other current liabilities                     9,565            12,829
  Current portion of long term debt                                 18,073            30,355
                                                                  --------          --------
       Total Current Liabilities                                    61,919            69,009

Long-term debt                                                     282,102           282,297
Other non-current liabilities                                        4,273             2,637

Shareholder's Equity:
  Common Stock                                                           1                 1
  Additional paid-in-capital                                        50,005            50,005
  Accumulated other comprehensive loss                             (14,759)          (16,043)
  Accumulated deficit                                              (23,340)          (26,824)
                                                                  --------          --------
      Total Shareholder's Equity                                    11,907             7,139
                                                                  --------          --------
      Total Liabilities and Shareholder's Equity                  $360,201          $361,082
                                                                  ========          ========


    See accompanying notes to condensed consolidated financial statements.



                                     4
<PAGE>
<CAPTION>

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


                                                     Three Months Ended                        Nine Months Ended
                                                        September 30,                            September 30,
                                              ----------------------------------         -------------------------------
                                                   2001              2000                     2001              2000
                                                   ----              ----                     ----              ----
<S>                                           <C>               <C>                      <C>                <C>
Net Sales                                        $70,309           $82,131                  $222,850          $244,378
Cost of sales, excluding
   depreciation                                   44,886            52,246                   142,050           153,992
Selling, general and
   administrative expenses                        11,561            12,037                    36,904            36,216
Depreciation                                       1,406             1,501                     4,485             4,431
Amortization of goodwill
   and other intangibles                           2,111             2,225                     6,345             6,927
Goodwill impairment                                    -            14,636                         -            14,636
Management fees and other                            702               821                     2,233             2,461
                                              -----------       -----------              ------------      ------------

         Operating income (loss)                   9,643            (1,335)                   30,833            25,715

Other (income)/ expense:
   Interest expense                                8,069             8,355                    24,598            25,166
   Interest income                                   (96)             (101)                     (282)             (305)
   Miscellaneous, net                                 90                42                       183               359
                                              -----------        ----------              ------------      ------------

Income (loss) before income taxes                  1,580            (9,630)                    6,334               495

Provision for income taxes                           710             2,252                     2,850             6,809
                                              -----------        ----------              ------------      ------------

            Net income (loss)                 $      870          $(11,883)                 $  3,484          $ (6,314)
                                              ===========        ==========              ============      ============



        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)

                                                                          Nine Months Ended
                                                                            September 30,
                                                                 -------------------------------------
                                                                      2001                 2000
                                                                      ----                 ----
<S>                                                               <C>                   <C>
Cash flows from operating activities:
  Net income (loss)                                                  $ 3,484             $ (6,314)
Adjustments to reconcile net income (loss) to net
  cash provided by operating activities:
   Depreciation and amortization                                      11,797               26,778
   Deferred income taxes                                               1,426                1,258

Changes in operating assets and liabilities net
  of effects from acquisitions:
   Current assets                                                      1,535               (5,123)
   Current liabilities                                                 5,097               11,799
   Non-current assets & liabilities                                      125                  518
   Payable to affiliated company                                      (2,572)              (3,192)
                                                                  -----------           ----------
   Net cash provided by operating activities                          20,892               25,724

Cash flows from investing activities:
   Capital expenditures, net                                          (3,115)              (3,706)
   Contingent purchase price                                               -               (3,093)
   Acquisition of subsidiary                                            (731)              (5,200)
   Investment in affiliate                                                 -               (5,059)
                                                                  -----------           ----------
   Net cash used in investing activities                              (3,846)             (17,058)

Cash flows from financing activities:
   Net repayment of borrowings under revolving
     credit facility and other long-term debt                        (13,151)             (10,483)
                                                                  -----------          -----------
   Net cash used in financing activities                             (13,151)             (10,483)

Effect of exchange rate changes on cash                                  129               (2,532)
                                                                 ------------          -----------

Net increase (decrease) in cash and cash equivalents                   4,024               (4,349)

Cash and cash equivalents at beginning of period                       8,490               11,260
                                                                 ------------          -----------
Cash and cash equivalents at end of period                          $ 12,514            $   6,911
                                                                 ============          ===========

</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.

In June 2001, the Financial Accounting Standards Board issued Statements of
Financial Accounting Standards No. 141, Business Combinations, and No. 142,
Goodwill and Other Intangible Assets, effective for fiscal years beginning
after December 15, 2001. Under the new rules, goodwill and intangible
assets deemed to have indefinite lives will no longer be amortized but will
be subject to annual impairment tests in accordance with the Statements.
Other intangible assets will continue to be amortized over their useful
lives. The Company will apply the new rules on accounting for goodwill and
other intangible assets beginning in the first quarter of 2002. Application
of the nonamortization provisions of the Statement is expected to result in
an increase in pretax income of $8.5 million per year. During 2002, the
Company will perform the first of the required impairment tests of goodwill
and indefinite lived intangible assets as of January 1, 2002 and has not
yet determined what the effect of these tests will be on the earnings and
financial position of the Company.

3.   Inventories

Inventories are summarized as follows:

                                 September 30,     December 31,
                                      2001             2000
                               ----------------  ----------------

Raw materials                     $23,727            $26,599
Work in process                    11,619             12,564
Finished goods                      4,976              5,385
                                  -------            -------
                                  $40,322            $44,548
                                  =======            =======



                                     7
<PAGE>

<TABLE>
<CAPTION>

4.   Comprehensive Income

Total comprehensive income (loss) for the three and nine months ended
September 30, 2001 and 2000 is as follows:

                                      Three Months Ended                   Nine Months Ended
                                         September 30,                       September 30,
                                 ------------------------------      ----------------------------
                                    2001               2000             2001              2000
                                    ----               ----             ----              ----

<S>                              <C>               <C>               <C>              <C>
Net income (loss)                 $   870           $(11,883)         $ 3,484          $ (6,314)
Foreign currency
   translation adjustment            (968)               955            1,284            (6,427)
                                  -------           --------          -------          --------
Comprehensive income (loss)       $   (98)          $(10,928)         $ 4,768          $(12,741)
                                  =======           ========          =======          ========
</TABLE>


5.   Credit Agreement

On November 6, 2001, the Company amended its Credit Agreement to extend the
final maturity date from November 7, 2001 to December 15, 2001 and to
reduce the amount available for borrowing from $75.0 million to $40.0
million. As of September 30, 2001, the Company had $16.0 million of
borrowings and $0.1 million in letters of credit outstanding under the
Credit Agreement.

6.   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
         ---------------------------------------------------------------
<TABLE>
<CAPTION>

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

                                               Three Months Ended                    Nine Months Ended
                                                 September 30,                         September 30,
                                        ---------------------------------     ---------------------------------
                                           2001              2000                 2001              2000
                                           ----              ----                 ----              ----
                                                                     (Unaudited)
                                                            (Dollar amounts in thousands)
<S>                                    <C>               <C>                   <C>              <C>
Net sales
  Motors                                 $51,067            $60,551             $161,764          $180,724
  Controls                                19,242             21,580               61,086            63,654
                                         -------            -------             --------          --------
                                          70,309             82,131              222,850           244,378
Operating income
  Motors                                   9,429             13,331               30,486            40,392
  Controls                                 2,568              2,486                7,883             7,519
                                         -------            -------             --------          --------
                                          11,997             15,817               38,369            47,911

   Goodwill impairment                         -             14,636                    -            14,636
   Management fees and
   unallocated corporate overhead          2,354              2,516                7,536             7,560
                                         -------            -------             --------          --------
Total operating income                     9,643             (1,335)              30,833            25,715

Interest expense                           8,069              8,355               24,598            25,166
Interest income and other                     (6)               (59)                 (99)               54
                                         -------            -------             --------          --------
Income before income taxes               $ 1,580           $ (9,630)             $ 6,334             $ 495
                                         =======           =========            ========          ========
</TABLE>

Consolidated Results of Operations

Net sales for the third quarter of 2001 declined 14.4% ($11.8 million) from
the same period for 2000. Net sales for the first nine months of 2001
decreased 8.8% ($21.5 million) from 2000. The decline in sales resulted
from general softness in all of the company's principal markets. The motors
segment experienced a 15.7% decrease in third quarter sales versus 2000,
with year to date sales 10.5% below the same period in 2000. Net sales of
subfractional motors were down 17.5% for the third quarter and 17.1% year
to date, driven by weak demand for refrigeration appliance motors and by
continued weakness in the bottle and can vending market. Net sales of
fractional/integral motors decreased 14.5% for the third quarter and 6% for
the year to date, compared with the same periods in 2000. The sales
declines were led by reduced demand for AC and DC products used in the
floor care end market and by sharp third quarter declines in sales of DC
products used in material handling applications. Moderate sales declines in
Europe during the third quarter were exacerbated by the negative impact
of foreign currency translation on the Company's foreign operations. Net
sales in the controls segment fell 10.8% in the third quarter and 4.0% for
the year to date compared with 2000 performance, driven by general softness
and moderate pricing pressures in the elevator modernization market.



                                     9
<PAGE>

Gross margins (excluding depreciation) decreased slightly from 36.4% of
sales for the third quarter of 2000 to 36.0% in 2001. For the first nine
months, gross margins (excluding depreciation) decreased from 37.0% in 2000
to 36.3% of sales for 2001. Operating income for the motors segment
decreased 29.2% for the quarter to $9.4 million and decreased 24.5% to
$30.5 million for the year to date. The operating income of the controls
segment increased 3.3% to $2.6 million for the third quarter and increased
4.8% to $7.9 million for the nine month period then ending. Consolidated
operating margins (excluding the goodwill charge in 2000 and management
fees and corporate expenses) decreased from 19.3% to 17.1% of sales for the
three months ended September 30, 2000 and 2001, respectively, and from
19.6% to 17.2% for the nine months ended September 30, 2000 and 2001,
respectively. The lower operating margins are due to unfavorable
manufacturing leveraging resulting from the decreased sales described
above, and to increased research and development costs related to future
products.

Total operating income for the Company in the quarter ended September 30,
2001 is $9.6 million, compared to a loss of $1.3 million for the same
period in 2000. For the nine months ended September 30, 2001, total
operating income is $30.8 million, compared to income of $25.7 million for
the same period in 2000. The variances for both periods are driven by the
declines in sales and margins discussed above as well as the goodwill
charge of $14.6 million in 2000.


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
nine months ended September 30, 2001 was $20.8 million, compared to $25.7
million provided from operating activities for the nine months ended
September 30, 2000. The decrease is due primarily to lower operating income
as discussed above.

Investing activities. In the first nine months of 2001, the Company made
$3.1 million in payments for capital expenditures. In addition, the Company
also made $0.7 million in payments for acquisitions.

Financing activities. The Company is party to a Credit Agreement under
which the Company is able to borrow up to approximately $40.0 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 November 13, 2001, the
Company has approximately $24.0 million of available funds under this
Credit Agreement. The Credit Agreement expires December 15, 2001. The
Company intends to replace the revolving credit facility made under the
Credit Agreement before that date and management is confident such
refinancing will be obtained under favorable terms to the Company, however,
such terms will be subject to market conditions, which may change
significantly.


                                    10
<PAGE>

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.


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 September 30, 2001
the Company had variable rate debt outstanding of $16.0 million. A one
percentage point increase in interest rates would increase the amount of
annual interest paid by approximately $0.2 million. The Company does not
believe that its market risk financial instruments on September 30, 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
                  --------------------------------
                  None
















                                    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


         November 13, 2001




















                                       13