NTI acquired by Italian manufacturer

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On Sept. 12 NY Thermal Inc. (NTI) announced that it had been acquired by Italian heating manufacturer Ariston Thermo.

Based in Saint John, New Brunswick, NTI manufactures high efficiency boilers and water heaters.

Ariston Thermos is based in Milan, Italy and, with the purchase of controlling interest in NTI, enters the North American market with the goal of strengthening its place in the global heating, water heating, and energy efficiency industry.

“The goal of Ariston Thermo is to continue its growing path,” stated Paolo Merloni, Ariston executive chairman.

“The expertise and the positioning of NTI – as well as the quality of its management and of its people – make the company a true benchmark for the market in Canada and the USA and allow us to enter the North American market and develop important projects common to the whole group. All this being consistent with our strategic prospects of increasingly becoming leading players in the field of high‐efficiency solutions and renewable energy systems.”

NTI has been manufacturing in Canada for the last 49 years. “We are very excited with the new opportunity to advance our brand; to be the top provider of condensing boilers and high‐efficiency equipment in North America,” said NTI president and CEO Kevin Dennison.

“We are very proud that Ariston has seen our vision and wishes to partner with us. Ariston and NTI share a similar family‐run philosophy and history and it is my belief that we have the perfect partnership to capture the North American marketplace. Ariston will bring world‐class manufacturing technologies and significant purchasing power to propel NTI into the future. I can assure our customers that all our management and ownership are all remaining in place and we will continue to offer world‐class service and support.”

A family company

Formally known as the New York Boiler Company, NTI manufactures and sells high‐efficiency heating equipment throughout North America. It has two manufacturing facilities in New Brunswick and training facilities in Burnaby, B.C. Foxboro, Massachusetts, and San Jose, California.

Founded in 1967 by Kevin’s father, Malcolm Dennison, NTI has, over the last several years, experienced significant growth that the company attributes to advanced products and strong customer support.

Ariston Thermo is an international company specializing in heating and water heating and includes the Ariston, Elco, Chaffoteaux, Atag Heating and Racold brands. In 2015, the group achieved a total turnover of 1.43 billion Euros and sold seven million products in more than 150 countries. It has 6,700 employees, 54 companies and six representative offices in 34 countries, and 20 production sites in 12 countries.

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