UTC completes Riello purchase
ITALY: Carrier’s parent company UTC has completed its 70% acquisition of the Italian HVAC company Riello Group SpA.
The acquisition, first revealed at the end of December, leaves the Riello Family with the balance of the company’s shares. It now becomes part of UTC’s Climate, Controls & Security division.
“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.