United Technologies Holdings Italy S.r.l. has signed an agreement to acquire approximately 70% of the Italian company Riello Group, a provider of products and services for the heating segment that operates in over 60 countries. Following the closing of the transaction, the Riello family will continue to own the balance of the shares of the company and Riello Group will become part of UTC Climate, Controls & Security, a provider of heating, ventilating, air conditioning and refrigeration systems, and a unit of United Technologies Corp.
“We believe Riello Group, with its strong brands and product offering, provides an excellent platform for UTC Climate, Controls & Security to expand its presence in the heating segment in Europe,” says Ross Shuster, President, International Operations, UTC Climate, Controls & Security. “Through various brands, we are already a leading heating solutions provider in North America. By leveraging Riello Group’s engineering know-how, industrial capabilities and skilled workforce, we see strong potential to grow our presence in this segment globally and to expand synergies with our existing operations.”
Ettore Riello, President, Riello Group, adds: “This is a historical milestone for Riello Group, reflecting our intention to continue to serve our customers while strengthening our value proposition. We expect to develop our brands in the wider global heating segment through our heating technologies expertise in residential, commercial and industrial applications, combined with the UTC Climate, Controls & Security distribution network.”
With over 90 years of experience, Riello Group oversees seven brands: Riello, Beretta, Thermital, Sylber, Vokera, Fontecal and FIT Service.
