Carrier to sell Italian subsidiary Riello

ITALY: Carrier has entered into a definitive agreement to sell its Riello business to Italian heating equipment manufacturer Ariston.

Although predominantly a heating company, Riello also produces split and multi-split air conditioners, as well as heat pump water heaters.

Carrier says it expects gross proceeds from the transaction of approximately $430m and intends to use the net proceeds for general corporate purposes, including share repurchases, consistent with its capital allocation priorities. 

Insisting that Ariston is the right owner to guide Riello’s growth, Carrier chairman and CEO David Gitlin commented: “Riello has a proud legacy and talented teams, and this agreement reflects our disciplined portfolio management as we continue sharpening our focus on differentiated climate and energy solutions.”

Formed in 1922 and based in Legnano in the province of Verona, Riello was acquired by Carrier’s former owner UTC in 2016, becoming part of the Carrier spin-off in 2020.