European Commission - Daily News
Brussels, 3 March 2016
The European Commission has approved under the EU Merger Regulation the acquisition of Riello Group S.p.A. of Italy by United Technologies Corporation ('UTC') of the US.
Riello Group manufactures and sells combustion technology and water heating appliances, which range from residential to large industrial applications. UTC is a multinational corporation active in the provision of high technology products and services for the building sectors and aerospace industries worldwide.
The Commission concluded that the proposed acquisition would raise no competition concerns because the overlaps between the companies' activities are limited. The transaction was examined under the simplified merger review procedure. More information is available on the Commission's competition website, in the public case register under the case number M.7945.
(For more information: Ricardo Cardoso – Tel.: +32 229 80100; Carolina Luna Gordo – Tel.: +32 229 68386)
Source: Europa.eu (Copyright European Commission)