Indesit reorganises Ariston brand ownership with Merloni Termosantari |
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Published
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Mon, 28 May 2007 16:13
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MILAN (Thomson Financial) - Indesit Company SpA said it has reorganised ownership of the Ariston brand, which it shares with Merloni Termosanitari SpA (MTS), a non-quoted company also controlled by the Merloni family.Under the latest agreement, Indesit and MTS will own the Ariston brand for products in the sectors where they operate, it said, adding the deal does not involve any payment.Company officials said Indesit will have the rights to use the Ariston brand for its electrical household goods, such as fridge and washing machines, and MTS for its range of water heaters.Reiterating a statement made in March, Indesit said it intends to use Hotpoint-Ariston as the brand name for its products.However, at the company's shareholder meeting at start of May, Indesit CEO Marco Milani said the company intended to use Hotpoint as its premium brand and to phase out the Ariston brand. At the same time there were reports that Milani had disagreed with Indesit chairman Vittorio Merloni on the use of the Ariston brand.Indesit officials said the reports of Milani's comments were 'not true' and that the Hotpoint-Ariston brand will go ahead.They added it was 'also not true' that the CEO and chairman disagreed on the issue and that relations between the two are very positive.nigel.tutt@thomson.comnt/ejbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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