Milan, 1 August 2017 – Ariston Thermo, a worldwide leading group in the thermal comfort industry, acquired the 51% of HTP, a US company leader in innovative and high-efficiency solutions for water heating and heating.
With over 40 years of history and a well-established presence in the USA, HTP offers a range of high efficient products both for water heating, thanks to the production of electric, gas and solar water heaters and of cylinders, and for heating, with a full line of residential and commercial condensing boilers. The company enjoys a distinctive positioning in the North American market supported by a strong reputation in terms of quality and reliability of its products; its offer is very consistent with the one of Ariston Thermo and this will allow to gain significant synergies and to accelerate development over the next few years.
Founded by Raymond B. Davis in 1974, the company was developed and successfully led for over thirty years by his son David, who will remain with HTP both as shareholder and as CEO, with the aim of accelerating the growth of the company leveraging on his management capabilities and market expertise and thanks to the partnership with Ariston Thermo Group.
HTP is headquartered in New Bedford, in the Bristol County in Massachusetts, USA, where it employs 235 people and owns two production sites. In 2016, the company realized sales for 87 million US dollars (around 80 million Euros), representing one of the most dynamic realities in the industry with a significant growth rate of over 10% per annum in the last five years.
With HTP, Ariston Thermo clearly reinforces its presence in the North American market, after the acquisition of the Canadian company NTI in August 2016. The two companies, given their product ranges and strengths, are strongly complementary.
“With this new acquisition, Ariston Thermo continues its path of growth, reinforcing its presence in the North American market” explained Paolo Merloni, Executive Chairman of Ariston Thermo. “HTP means a strong brand, a wide range of innovative products coherent with Ariston Thermo’s offer and strategy, the presence of local production facilities and most of all the expertise of its management team, with whom we share the passion for the most advanced technologies and the strategy to strive for high efficiency. This partnership will allow Ariston Thermo to accelerate its development path in a relevant market such as North America, complementing the successful acquisition of NTI one year ago. HTP and NTI will continue to act independently on the markets”.
Ariston Thermo is a global leading company in the water heating and heating industry. In 2016 the Group recorded a turnover of € 1.43 billion and sold 7 million products in over 150 countries; with 6,900 employees, 59 operating companies and 8 representative offices in 36 countries and 22 production sites in 13 countries. The Group offers a full range of products, systems and services, mostly under the brands Ariston, Elco, Chaffoteaux, Atag, Racold and NTI. Ariston Thermo shows its commitment to energy efficiency through the development of solutions based on renewable energy sources, such as solar thermal systems and heat pumps, the improvement of the efficiency of products such as boilers and water heaters and the continuous investment in innovation for the development of increasingly advanced connectivity systems. The goal of Ariston Thermo is to look at the future of thermic comfort, offering an optimal combination of quality, energy savings and care for the environment.
Press & External Relations
Tel: +39 02 85672256
On behalf of Ariston Thermo
Alessandro Iozzia – Davide Ghellini Sargenti
Tel: +39 02 92886200