Ariston Thermo acquires NTI
September 13, 2016
NTI, a manufacturer of high-efficiency condensing boilers and water heaters, with manufacturing facilities in New Brunswick, has announced that Ariston Thermo of Milan, Italy, has acquired controlling interest in the family‐run business. NTI has been manufacturing in Canada for the last 49 years.
With the acquisition of NTI, Ariston Thermo enters the North American market with the goal of strengthening its leadership in the global heating, water heating, and energy efficiency industry.
“The goal of Ariston Thermo is to continue its growing path,” stated Paolo Merloni, executive chairman of Ariston Thermo.
“The expertise and the positioning of NTI – as well as the quality of its management and of its people – make the company a true benchmark for the market in Canada and the USA and allow us to enter the North American market and develop important projects common to the whole group. All this being consistent with our strategic prospects of increasingly becoming leading players in the field of high‐efficiency solutions and renewable energy systems,” added Merloni.
“We are very excited with the new opportunity to advance our brand; to be the top provider of condensing boilers and high‐efficiency equipment in North America,” said NTI president and CEO Kevin Dennison. “We are very proud that Ariston has seen our vision and wishes to partner with us. Ariston and NTI share a similar family‐run philosophy and history, and it is my belief that we have the perfect partnership to capture the North American marketplace. Ariston will bring world‐class manufacturing technologies and significant purchasing power to propel NTI into the future. I can assure our customers that all our management and ownership are all remaining in place, and we will continue to offer world‐class service and support.”
Headquartered in New Brunswick, NTI (NY thermal Inc.) was formally known as New Yorker Boiler Company. The company manufactures and sells high‐efficiency heating equipment throughout North America. It has two manufacturing facilities in New Brunswick and training facilities in Burnaby, BC, Foxboro, MA, and San Jose, CA. Founded in 1967 by Kevin’s father Malcolm Dennison, NTI has gone through an evolution, and over the last several years has experienced unprecedented growth due to advanced products and superior customer support.
About Ariston Thermo
Ariston Thermo is a worldwide leading company in heating and water heating. In 2015, it achieved a total turnover of €1.43 billion and sold seven million products in more than 150 countries; it has 6700 employees, 54 companies and six representative offices in 34 countries, and 20 production sites in 12 countries. The company offers a full range of products, systems and services, mostly under the Ariston, Elco, Chaffoteaux, Atag Heating and Racold brands. Ariston Thermo’s offers solutions based on renewable energy sources such as solar thermal systems and heat pumps.