When the acquisition is completed, the new Taco Group company will be re-named Taco Italia srl and will use the trade name Askoll Flow Solutions™. Askoll is a licenced trademark of Askoll Holding srl.
Luca Bolcati, corporate business director of Askoll Group, will become senior vice president of Taco International and Stefano Salvi will continue as general manager of the new Taco Group company.
John Hazen White Jr, CEO and chairman of Taco Group, said: “With this acquisition, Taco has transitioned from being an American company based in Rhode Island to a global company based in America.”
Elio Marioni, founder and president of Askoll, added: “The transaction reflects the pragmatic decision for Askoll to focus in the core business of appliance components as well as strengthens the foundations of the new urban mobility project which Askoll considers key for its future growth.”
Taco entered into a strategic collaboration with Askoll last year to share technology and work together on circulator research and development and on other joint product and marketing initiatives.
