Ariston Thermo: acquires majority share in Israeli company Atmor
Milan - Ariston Thermo, a leading company in the water and room heating sector at a global level, has acquired a majority share in Atmor, an Israeli company specializing in the manufacturing of electric instant water heaters for residential and commercial applications.
With more than 40 years of experience, Atmor distributes its products in more than 40 countries worldwide, from America to South East Asia, but also Russia and Africa. The company, founded in 1974, is currently run by president Shimon Bart and CEO Alon Heller, who will remain at Atmor as managers and shareholders. Atmor is based in Tel Aviv, Israel, and has a manufacturing plant in China. For 2017, the company, which employs 80 people, has estimated a turnover of about 10 million dollars. As stated in a note, this operation will enable Ariston Thermo to consolidate its presence in the important and rapidly growing segment of electric instant water heaters, develop extensive technological expertise and demonstrate its innovative skills. These two companies are highly synergistic in terms of business, operations and procurement.
"This new acquisition strengthens Ariston Thermo's growth in the various fields of thermal comfort even further while highlighting its focus on innovation, which is part of the Group's strategy," Paolo Merloni, President of the Group, explains. "With Atmor, Ariston Thermo strengthens its position in the electric instant water heater segment - an important and growing business - thus obtaining benefits in terms of technology and expanding its range of products," he concludes.