Italy's hot water and heating solutions company Ariston Group has announced that it has signed an agreement for the acquisition of Israeli solar hot water solutions company Chromagen.
Israeli media reports say that Ariston will pay NIS 115 million for Chromagen, which is owned by Kibbutz Shaar Ha'Emakim. This would be a disappointing price for the kibbutz. Back in 2015, the company was valued at NIS 150 million when the Kibbutz and Tene Fund agreed to sell the company to France's Groupe Atlantic, although the deal eventually fell through.
Founded in 1962, Chromagen develops, manufactures and markets renewable hot water solutions, and is renowned for its rooftop boilers and solar thermal technology. Chromagen, which is headquartered east of Haifa, in Kibbutz Shaar Ha'Emakim, has two subsidiaries in Australia and Spain. The company has a network of distributors that serve customers in 35 countries worldwide.
Chromagen employs over 300 people and in 2020 reported revenue of approximately €100 million.
Ariston executive chairman Paolo Merloni said, "With Chromagen, we further strengthen our position in the market for hot water based on renewable technologies, in line with our Group’s vision to provide sustainable comfort."
Published by Globes, Israel business news - en.globes.co.il - on October 24, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.