EU approves United Technologies' acquisition of Riello Group

Thursday, 03. March 2016 13:37

The European Commission has approved the acquisition of the Riello Group S.p.A. by the United Technologies Corporation (UTC).

The privately-held Riello Group is known as a manufacturer of combustion technology and water heating appliances for both residential and industrial needs. The Legnago, Italy-based corporation has 8 plants, 6 own brands and a number of offices across the Europe, Asia and North America.

The United Technologies Corporation's a division for Climate, controls and security provides conditioning and heating-cooling systems for aerospace and building sectors.

"The Commission concluded that the proposed acquisition would raise no competition concerns because the overlaps between the companies' activities are limited," said the EC press release, adding that the transaction was examined under the simplified merger review procedure.

On Monday, the UTC announced it abandoned plans to for merger with Honeywell, citing "strong regulatory obstacles, negative customer reaction and the potential for a protracted review process that would have destroyed shareholder value."

Shares of the United Technologies Corporation last closed up 0.50% at $95.53 on Wednesday.

Image: Riello Group S.p.A.

Related Links: United Technologies CorporationHoneywell International Inc.
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Breaking the News / ZR