UTC Building & Industrial Systems Completes CIAT Acquisition
UTC Building & Industrial Systems has completed its acquisition of CIAT, a France-based heating, ventilating and air-conditioning (HVAC) company. UTC Building & Industrial Systems is a unit of United Technologies Corp. (NYSE: UTX), a leading provider to the aerospace and building systems industries worldwide.
"This strategic acquisition creates new opportunities in the European HVAC segment by enhancing the breadth of our portfolio and reach of our business," said Didier Da Costa, president, HVAC Europe, UTC Building & Industrial Systems. "The addition of CIAT’s talented workforce, technology assets and legacy of innovation strengthens our ability to serve our customers.”
“The acquisition has provided an exceptional opportunity for us to continue to serve our customers while developing the CIAT brand in a complex European sector,” said Francis Guaitoli, CEO, CIAT. “This move allows us to fully leverage our technological expertise and the capabilities of our employees.”
UTC Building & Industrial Systems first announced its intention to acquire CIAT in July 2014. With sales in more than 20 countries in Europe, CIAT now becomes part of the UTC Building & Industrial Systems’ European HVAC division, which provides HVAC systems and services to customers across Europe.
The terms of the transaction are not being disclosed.