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UTC, owner of air conditioning manufacturer Carrier, is to acquire a majority stake in Italian HVAC company Riello.
UTS subsidiary United Technologies Holdings Italy Srl yesterday signed an agreement to acquire approximately 70% of the family-owned Riello Group, a leader in providing 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’s Climate, Controls & Security division, a leading provider of heating, ventilating, air conditioning and refrigeration systems.
“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,” said Ross Shuster, president, international operations, UTC Climate, Controls & Security.
The transaction is expected to close in early 2016.