Ariston Holding N.V.

Carrier Global Corporation has completed the sale of its Riello business to Ariston Group for gross proceeds of approximately $440 million. The divestiture is part of Carrier's portfolio management strategy to refocus on core climate and energy solutions. Proceeds will support innovation, core business growth, and shareholder value creation. BofA Securities served as exclusive financial advisor, with Linklaters LLP providing external legal counsel.

Lennox is marking the one-year anniversary of its joint venture with Ariston Group, a partnership that has introduced a line of residential gas, electric, and heat pump water heaters in North America. The joint venture, announced in 2025, was created to broaden Lennox's product offering through complementary heat pump technologies while leveraging Ariston's water heating expertise. Early dealer adoption has exceeded plans, with sales and demand reflecting strong interest in sourcing multiple product categories from a single supplier. Lennox and Ariston are now focused on scaling distribution across North America, particularly in underpenetrated U.S. regions, by expanding Lennox store locations carrying water heaters and continuing dealer training. The partnership also positions Lennox to address demand for high-efficiency and heat pump water heaters as regulatory changes are expected to influence product adoption.