Ariston Thermo, a worldwide leading group in the thermal comfort industry, has agreed to acquire from Grupo Industrial Saltillo (a Mexican conglomerate) 100 percent of Calorex, a company with a significant leadership in Mexico in water heating solutions for residential and commercial use.

With over 70 years of history and a well-established presence in Mexico, the company is engaged in the design, production, marketing and distribution of natural gas, electric and solar water heaters mainly branded Calorex, Cinsa and Optimus. The company also offers a range of complementary products such as plastic, copper and cast iron pipe fittings, water heaters installation kits, steel flanges and other related plumbing system products.

Calorex has a significant leadership in the Mexican market and has an important presence supported by a strong reputation in terms of quality and reliability of its products also in the U.S. and Latin America.

The business of water heaters has been part for decades of Grupo Industrial Saltillo (GIS), one of the largest conglomerates in Mexico, leader in the production and marketing of products for the automotive, construction and domestic markets.

The company, employing more than 850 people, has its headquarters in Mexico City and its production plant in Saltillo, in the Northern State of Coahuila. In 2017, the company recorded a turnover of around 130 million U.S. dollars, of which 20 million were earned in the United States. The management of Calorex will remain in the company and, leveraging on its capabilities and the partnership with Ariston Thermo Group, will accelerate the growth of the company.

With this acquisition, Ariston Thermo reinforces its presence in America, acquiring a leadership position in Mexico and setting a cornerstone to strengthen the growth potential in North America as well as in Central and Latin America.

“The acquisition of Calorex is in continuity with the strategy we launched some years ago to build an American industrial platform for our Group," said Paolo Merloni, executive chairman of Ariston Thermo. "With Calorex and its leading brands, Ariston Thermo significantly strengthens this path began in 2016 with the acquisition of NTI in Canada and pursued in 2017 with HTP in the United States.

“Calorex brings to the Group a distinct leadership in the Mexican market, a wide range of products and brands in line with Ariston Thermo's strategies, a solid presence in the US, a local plant, but above all the expertise of its management and its people," Merloni continued. "This acquisition allows us to significantly enter Mexico, which is among the top twelve world economies, a young and growing country with over 120 million inhabitants with an average age of 31, strongly connected with the US and Canada; furthermore, it allows us to strengthen our presence in the US, given that HTP and Calorex have highly complementary products portfolios”.

This transaction is subject to approval by the corresponding authorities and compliance with conditions that are customary in these types of operations. CC & Soci was the advisor of the transaction.