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.
“This strategic acquisition creates new opportunities in the European HVAC segment by enhancing the breadth of our portfolio and reach of our business,” said Didier Da Costa, president, HVAC Europe, UTC Climate, Controls & Security. “The addition of Riello’s products and services offering, talented workforce, technology assets, and industrial capabilities strengthens our ability to serve our customers in the heating segment globally.”
“This is a historical milestone for Riello Group, reflecting our intention to continue to serve our customers while strengthening our value proposition. We target to develop our brands in the wider global heating segment through our heating technologies expertise in residential, commercial, and industrial applications, combined with UTC Climate, Controls & Security’s distribution network,” said Ettore Riello, chairman of the board, Riello Group S.p.A., Riello S.p.A.
Riello Group’s seven brands include Riello, Beretta, Thermital, Sylber, Vokera, Fontecal, and FIT Service.
For more information about UTC Climate, Controls & Security, visit www.ccs.utc.com.
Publication date: 6/3/2016