Sit Spa has perfected theacquisition of NGA product line (New Generation Atmospheric) from the US company Emerson Electric. With this acquisition, the company that deals with solutions for controlling environmental conditions and measuring consumption expands its product portfolio to include electronic valves for gas water heaters, where it is already present with the mechanical valve. The operation, which exclusively includes the product, the relative patents and the production lines (therefore no plants or personnel), is financed with own funds and was concluded in line with the times announced at the time of signing, which took place in July 2021.
Furthermore, the acquired assets will be installed in the Sit production site already present in Monterrey (Mexico); Emerson Electric Company is a US multinational corporation listed on the NYSE headquartered in Missouri, listed by the Fortune 500 among the largest manufacturing companies.
The operation is part of a process to strengthen SIT's competitive positioning and market share. As also pointed out by Federico de' Stefani, Chairman and Chief Executive Officer of Sit Spa: “The acquisition of the NGA product line from Emerson Electric allows us to accelerate growth in the USA where Sit is already the market leader in gas fireplaces and residential boilers -. Electronic valves make it possible to reduce consumption and emissions from water heaters, in line with our sustainability objectives".
