Will enable UTC to expand its presence in the heating segment in Europe
MONTLUEL, France — United Technologies Holdings Italy S.r.l. has completed the acquisition of approximately 70 percent of Riello Group S.p.A., a leading provider of heating products and services operating in over 60 countries. The Riello family will continue to own the balance of the shares of the Italian-based company, which now becomes part of UTC Climate, Controls & Security.
“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,” said Ross Shuster, president, International Operations, UTC Climate, Controls & Security.