Riello for saleThe renowned Italian boiler group, a symbol of Made in Italy since 1922, is the focus of attention among the industry's major players. The Veneto-based company, put up for sale by its U.S. shareholder, is Carrier Global Corporation, sees the Italian leader in the running for the purchase Ariston Group, the historic brand of the North-East Ferroli and the Chinese giants Haier e Midea, all interested in conquering a slice of the European heating market.
Formally, the sales process has not yet started: according to Il Sole 24 Ore , the so-called "process letters" were not sent to potential interested parties. However, sources close to the matter indicate that the first non-binding offers they may arrive already in mid-November, with Bank of America responsible for surveying the market and collecting expressions of interest. Carrier's objective is close the sale by 2026, in line with the plan to rationalize the global network following the acquisition of Viessmann Climate Solutions in 2024.
Riello: history, brands, and global presence
Riello Spa is an Italian company with Settlementsin Italy, America, China e Poland, active in the air conditioning sector. Founded in 1922 by Pilade Riello, the company became part of United Technologies Corporation in 2015 and since 2020 it has been owned by Carrier Corporation, following the spin-off from United Technologies.
Riello brands include English Vokèra and the Italians Sylber, Beretta e ThermitalThe product range extends from burners to wall-mounted, floor-standing, and power boilers, as well as solar panels, heat pumps, and air conditioners for the residential and professional sectors. The company exports worldwide, representing a symbol of the Made in Italy technological.
Riello for sale: who are the contenders?
On the Italian front, in pole position is Ariston GroupAriston, a leader in sustainable heating solutions, with a €2,6 billion turnover and a solid track record of acquisitions. In 2022, Ariston completed a major acquisition in Germany, acquiring Centrotec Climate Systems, with brands such as Wolf. Growth is also driven by direct investment: €500 million in Italy, half of which is earmarked for research and development. Riello, according to rumors, could become the cornerstone of an Italian heating hub.
The Ferroli, a Verona-based group controlled by British private equity firm Attestor, is reportedly interested. The idea of a merger between two companies rooted in the Northeast could create a major national player capable of competing with Asian and European giants, but the complexity of the operation and the resources required make this scenario still uncertain.
On the foreign front, the spotlight is on the Chinese giants Haier e Midea, the latter already owning European brands such as Arbonia Climate and Sabiana. There are also French, German, Dutch, and Japanese brands: Atlantic Group, Vaillant, Bdr Thermea (Baxi), Bosch e Daikin I am among the potential observers.
Riello Sale: Unions Concerned About Jobs
The sale of Riello also has relevance on the employment frontThe group has a turnover of approximately 400 million euros and has 1.300 employees, over half of which are in Italy, between Legnago, Volpago del Montello and the R&D center in Lecco. In recent years, the plants in Morbegno (2022) and Villanova (2021) have been closed.
Just two days ago, a round table on the future of Riello was held at the Ministry of Enterprise and Made in Italy (Mimit), with the participation of Carrier, trade union delegations End, Fiom e Uilm, of the Veneto and Lombardy Regions, of the province of Lecco and of the mayor of Legnago. sindacati they called the information provided by Carrier “insufficient” and expressed strong concern on the future of workers and on employment and industrial guaranteesCarrier confirmed its intention to sell Riello in its entirety by 2026, but did not provide further details on the industrial process for potential buyers. The ministry will reconvene the meeting in the second half of November.
