Ariston Thermo acquires controlling interest of NY thermal Inc. (NTI)

Saint John New Brunswick ‐ September 12, 2016

NTI a leading manufacturer of high efficiency condensing boilers and water heaters, with manufacturing facilities in New Brunswick Canada, announced today that Ariston Thermo, of Milan Italy has acquired controlling interest in the family‐run business.

With the acquisition of NTI, Ariston Thermo enters the North‐American market with the goal of strengthening its leadership in the global heating, water heating, and energy efficiency industry and of continuing along its growth path. “The goal of Ariston Thermo is to continue its growing path” stated Paolo Merloni, Executive Chairman of Ariston Thermo. “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 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 and has a rich history with providing innovative and reliable heating products to the North American marketplace. “We are very excited with the new opportunity” says President and CEO Kevin Dennison “to advance our brand, to be the top provider of condensing boilers and high‐efficiency equipment in North America. 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 senior management and ownership are all remaining in place, and we will continue to offer world‐class service
and support.”

About NTI ‐ with headquarters in New Brunswick NTI (NY thermal Inc.), formally known as New Yorker Boiler Company, manufactures and sells high‐efficiency reliable heating equipment throughout North America. It has two manufacturing facilities in New Brunswick, with training facilities in Burnaby BC, Foxboro MA, and San Jose California. Founded in 1967 by Kevin’s father Malcolm Dennison, NY thermal has gone through a remarkable evolution, and over the last several years has experienced unbelievable growth due to advanced products and second to none customer support.

About Ariston Thermo ‐ is a worldwide leading company in heating and water heating. In 2015, the Group achieved a total turnover of € 1.43 billion and sold 7 million products in over 150 countries; it has 6,700 employees, 54 companies and 6 representative offices in 34 countries and 20 production sites in 12 countries. The Group offers a full range of products, systems and services, mostly under the Ariston, Elco, Chaffoteaux, Atag Heating and Racold brands. Ariston Thermo’s commitment to energy efficiency is expressed through its constant stream of new solutions based on renewable energy sources such as solar thermal systems and heat pumps as well as improvement of the efficiency of traditional products (such as boilers and water heaters) and investment in new projects for the future as the development of connected applications and services. The underlying objective is to offer an optimal combination of comfort, energy savings and care for the environment.

For more information contact Kevin Dennison at 506‐658‐8093

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