Ariston Thermo Group, one of the worldwide companies in heating and water heating, acquired a majority stake in NY Thermal Inc., a company present in Canada and among the leaders in the USA in the market of boilers for both domestic and commercial use with its brand NTI.
Paolo Merloni, executive president Ariston Thermo Group
With over 40 years of history and a well-established presence both in Canada and in the USA, NTI offers wall-hung gas condensing boilers and completed by a selection of floor-standing gas boilers and oil boilers.
The Company has been developed by Kevin Dennison who will remain in the Company both as shareholder and CEO with the aim of managing and continue to grow the Company in line with the Group’s business strategies.
NTI is headquartered at Saint John in Canada, in the Eastern province of New Brunswick, where it employs around 120 people and owns two productive plants. The Company represents one of the more dynamic realities in the industry recording a significant and constant growth at an annual average rate of 20% during the last five years. In 2015, NTI reached a turnover of 42 million Canadian dollars (around 30 million Euros), experiencing a strong increase compared to the previous year.
With the acquisition of NTI, Ariston Thermo enters the North-American market with the goal of strengthening its leadership in the global heating and water heating and energy efficiency industry and of continuing along its growth path.
“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 the Canada and USA and allow us to enter the North-American market and to 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”.