Ariston Thermo Group, an Italian company active in the thermal comfort sector (water and space heating), has acquired the majority of NY Thermal Inc., a group active above all in Canada and the USA in the market of hydronic condensing boilers for domestic and commercial under the Nti brand.
Nti offers a range of high efficiency products mainly consisting of wall mounted gas condensing boilers and complemented by productions of floor standing gas boilers and oil boilers and enjoys a very recognizable position within the North American market.
NTI founder Kevin Dennison will remain with the company as chief executive officer. In 2015 the company, which is based in Saint John in Canada, recorded a turnover of 42 million Canadian dollars, equal to approximately 30 million euros. With this acquisition, Ariston Thermo enters the North American market with the aim of strengthening its leadership position in the global industry of energy-efficient thermal comfort and continuing along its path of growth.
“Ariston Thermo's goal is to continue its growth path” explains Paolo Merloni, Chairman of the Group. "Nti is a point of reference for the market in Canada and the USA and allow us to enter the North American market and to develop important projects common to the whole Group".
