Ariston Thermo acquires NY Thermal Inc.

NTI, a manufacturer of high efficiency condensing boilers and water heaters, with manufacturing facilities in New Brunswick Canada, announced that Ariston Thermo, of Milan Italy has acquired controlling interest in the family-run business.

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 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 Canada and the U.S., 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.”

NTI has been manufacturing in Canada for the last 49 years and has a rich history of providing innovative and reliable heating products to the North American marketplace. “We are very excited with the new opportunity,” said 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.”

Dennison assures customers that all management and ownership will remain in place, and NTI will continue to offer world‐class service and support.

For more information contact Kevin Dennison at 506‐658‐8093 or kdennison@ntiboilers.com

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