Italian boiler manufacturer Ferroli has announced that the final negotiations of the company’s restructure are due to be completed at the end of this year and that boiler production is back to full strength.
The new investors are Oxy Capital Italia, based in Milan, and UK-based company Attestor Capital.
After a pause while the transfer of the company to the new owners was under negotiation, production restarted in September this year and the Modena HE range of combi and system boilers is now back in stock at merchants throughout the UK.
Ferroli UK’s managing director Flavio Buccianti, said: “Ferroli’s history is one of market-leading innovation in the heating industry and we are very proud of our achievements. After a difficult economic period, this financial investment means that we can return to doing what we do best – the design, development and manufacture of high performance, energy-efficient heating appliances that help our customers to reduce their fuel usage.
“Our new investors are already putting into practice various initiatives that will bring the company back to profitability, including some long-awaited investment on new products.
“The future for Ferroli is looking very bright and we are excited to be facing 2016 with positivity and enthusiasm for the new products that we will be launching, as well as the continuing success of the Modena HE boiler range.
“Everyone at Ferroli UK would like to sincerely thank all our customers who have been such loyal supporters during this period of change.”
The Ferroli Group, which employs more than 1,000 people in Italy, will remain at its head office and production plant in San Bonifacio, near the Italian city of Verona.
The Ferroli family retains an interest in the company, which was founded by the late Dante Ferroli in 1955, and will continue to be involved.