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The Ariston Group, a global player in sustainable hot water and space heating comfort solutions, announced it launched an initial public offering as it seeks continued growth after more than 90 years in business on the international stage.
The Ariston Group, which was founded by Aristide Merloni in 1930, plans to use the assets to support and develop the growth of the company. The company, based in Italy, runs its American operations out of New Bedford, Massachusetts.
“With a history of more than 90 years, the company has established itself as a unique global player in sustainability,’’ Executive Chairman Paolo Merloni said. “Ariston has a global reach and a unique renewable and high-efficiency proposition of heating and hot water solutions.”
The company selected Goldman Sachs, Mediobanco and Intesa Sanpaolo as its global coordinators for its initial public offering. The group was listed on Euronext Milan in Italy.
“The listing on the stock exchange is a recognition of the dedication, professionalism and passion of all of our people who have made the achievement of this milestone possible,” Merloni said. “Thanks to the listing we will strengthen our growth potential, continuing our solid path of organic and inorganic development.”
The Ariston Group’s US brands include HTP, American Standard Water Heaters, and Ariston branded products. HTP has a wide range of highly efficient products and system components for space heating and water heating. American Standard Water Heaters manufactures high quality gas and electric commercial and residential water heaters.
“We believe that Ariston can play and will play a key role in the consolidation process of our sector, further accelerating what we have successfully achieve over the last decade,’’ Merloni said. “Our goal is to continue to be a reference player in solutions for sustainable comfort in hot water and heating.”