United Technologies Holdings Italy has signed an agreement to acquire approximately 70% of the Italian company Riello Group, supplier of products and services for the heating sector operating in over 60 countries.
The Riello family will continue to own the balance of the shares in the company and Riello Group will become part of UTC Climate, Controls & Security, a leading provider of heating, ventilating, air conditioning and refrigeration systems in America, and a unit of United Technologies Corp.
“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,” said Ettore Riello, president of Riello Group.
The Riello Group has over 90 experience in the market through its seven brands: Riello, Beretta, Thermital, Sylber, Vokera, Fontecal and FIT Service.
The transaction is expected to close in early 2016, subject to customary closing conditions including regulatory approvals and required notifications to employee representatives.