Carrier Global Corporation has entered into a definitive agreement to sell its Riello business to Ariston Group. Detailing on the development, Carrier Chairman & CEO David Gitlin said, “After completing a comprehensive and competitive bidding process, we determined that Ariston Group is the right owner to guide Riello’s next phase of growth. Riello has a proud legacy and talented teams, and this agreement reflects our disciplined portfolio management as we continue sharpening our focus on differentiated climate and energy solutions. I am deeply appreciative of our teams’ exceptional work throughout this process.”
Expressing their stand on the deal, Paolo Merloni, Executive Chairman of Ariston Group, said, “We are honoured to welcome Riello into our organisation. Riello’s respected brands, technical expertise and strong positions in its core markets make it highly complementary to Ariston Group. We are committed to building on Riello’s legacy and together, creating meaningful value for all stakeholders.”
Carrier expects gross proceeds from the transaction of approximately $430 million and intends to use the net proceeds for general corporate purposes, including share repurchases, consistent with its capital allocation priorities.
