UTC, owner of air conditioner maker Carrier, is set to acquire a majority stake in Italian HVAC company Riello.
United Technologies Holdings Italy Srl, a subsidiary of UTC, signed an agreement yesterday to acquire an approximately 70% stake in the family-owned Riello Group, a leader in products and services for the heating sector operating in more than 60 countries.
Following the closing of the transaction, the Riello family will continue to own the remaining shares of the company and the Riello Group will become part of UTC's Climate, Controls and Security segment, a leading provider of heating, ventilation, air conditioning and refrigeration systems.
"We believe the Riello Group, with its strong brand and product offering, provides UTC Climate, Controls & Security with an excellent platform to expand its presence in the European heating sector," said Ross Shuster, President of International Operations, UTC Climate, Controls Say & be safe.
At the end of 2016, Carrier's parent company UTC has completed the acquisition of 70% of the Italian HVAC company Riello Group SpA.
The acquisition, first disclosed in late December, leaves the balance of the company's shares to the Riello family. It is now part of UTC's Climate, Control and Safety division.
"The Riello Group, with its strong brand and product offering, provides UTC Climate, Controls & Security with an excellent platform to expand its presence in the European heating sector," said Ross Shuster, President, International Operations, UTC Climate, Controls & Security explain.
UTC, owner of air conditioner maker Carrier, is set to acquire a majority stake in Italian HVAC company Riello.
United Technologies Holdings Italy Srl, a subsidiary of UTC, signed an agreement yesterday to acquire an approximately 70% stake in the family-owned Riello Group, a leader in products and services for the heating sector operating in more than 60 countries.
Following the closing of the transaction, the Riello family will continue to own the remaining shares of the company and the Riello Group will become part of UTC's Climate, Controls and Security segment, a leading provider of heating, ventilation, air conditioning and refrigeration systems.
"We believe the Riello Group, with its strong brand and product offering, provides UTC Climate, Controls & Security with an excellent platform to expand its presence in the European heating sector," said Ross Shuster, President of International Operations, UTC Climate, Controls Say & be safe.
At the end of 2016, Carrier's parent company UTC has completed the acquisition of 70% of the Italian HVAC company Riello Group SpA.
The acquisition, first disclosed in late December, leaves the balance of the company's shares to the Riello family. It is now part of UTC's Climate, Control and Safety division.
"The Riello Group, with its strong brand and product offering, provides UTC Climate, Controls & Security with an excellent platform to expand its presence in the European heating sector," said Ross Shuster, President, International Operations, UTC Climate, Controls & Security explain.