Ariston Thermo acquired the thermal company Calorex
By Editorial Staff
February 15, 2019
Grupo Industrial Saltillo (GIS) announced they reached an agreement with the Italian company Ariston Thermo S.P.A. for the acquisition of their company Calorex by 2,787 million pesos.
In a release sent to the Mexican Stock Exchange (BMV, by its Spanish initials) GIS announced the signing of the agreement for the sale of its water heaters business (Calorex) aiming to approach and simplify its portfolio following its long-term business strategy.
Jose Manuel Arana, general director of GIS, said that this operation is an opportunity to focus and simplify its portfolio by following its strategy for long term business.
“It is an opportunity of
joining a global player for Calorex and potentiate its growth by being part of
a company highly focused on this industry by applying the energy efficiency,
the technology and the development of new products,” he noted.
In a release sent to the Mexican Stock Exchange (BMV, by its Spanish initials) GIS announced the signing of the agreement for the sale of its water heaters business (Calorex) aiming to approach and simplify its portfolio following its long-term business strategy.
Jose Manuel Arana, general director of GIS, said that this operation is an opportunity to focus and simplify its portfolio by following its strategy for long term business.
“It is an opportunity of joining a global player for Calorex and potentiate its growth by being part of a company highly focused on this industry by applying the energy efficiency, the technology and the development of new products,” he noted.
According to the company, the agreement is subjected to the approval of the corresponding authorities and the fulfillment of usual conditions on this kind of transactions, it includes the business dedicated to manufacturing and commercialization of water heaters and products for fluids driving of GIS.
GIS said that the resources from this operation will be addressed to prepaid debt and for general corporate purposes that will provide flexibility to promote investment projects in other businesses of the automotive sector, construction and home, in which they participate.
Ariston Thermo is an Italian global and private company from the thermal sector with commercial presence in 150 countries, income of 1,600 million euros, which invest 80 million of euros in research and development to produce and market water heaters, heat pumps, burners and components, in addition of being a services supplier for water heating solutions on residential and commercial segments. Ariston Thermo is not present in Mexico.
Meanwhile, GIS is a Mexican company with global presence, through its companies empresas Draxton, Vitromex and Cinsa, listed at the BMV under the key GISSA.
According to the company, the agreement is subjected to the approval of the corresponding authorities and the fulfillment of usual conditions on this kind of transactions, it includes the business dedicated to manufacturing and commercialization of water heaters and products for fluids driving of GIS.
GIS said that the resources from this operation will be addressed to prepaid debt and for general corporate purposes that will provide flexibility to promote investment projects in other businesses of the automotive sector, construction and home, in which they participate.
Ariston Thermo is an Italian global and private company from the thermal sector with commercial presence in 150 countries, income of 1,600 million euros, which invest 80 million of euros in research and development to produce and market water heaters, heat pumps, burners and components, in addition of being a services supplier for water heating solutions on residential and commercial segments. Ariston Thermo is not present in Mexico.
Meanwhile, GIS is a Mexican company with global presence, through its companies empresas Draxton, Vitromex and Cinsa, listed at the BMV under the key GISSA.