Acquisition is the first step of company’s bold plan to expand in Latin American commercial water heating market
Rinnai America Corporation, the leading manufacturer of tankless water heaters in North America, announced today the acquisition of Industrias MASS, the leader in the commercial water heater market in Mexico. This acquisition marks the first by Rinnai America Corporation and follows the launch of its Strategic Business Initiative announced earlier this year, meant to accelerate the company’s presence via acquisitions and partnerships.
Founded in 1964, Industrias MASS is the leading manufacturer of commercial water heaters in Mexico, with penetration of approximately one-third of the overall commercial segment. With an 86,000 square foot plant and more than one hundred employees across the country, Industrias MASS also specializes in the production of water treatment systems and the manufacturing of commercial tanks that collectively integrate advanced technology, locally manufactured materials, and a best-in-class service network. Their client base spans hospitality, healthcare, food service and other commercial verticals served by offices in Mexico City, Leon, Merida, Monterrey, Guadalajara, and Mazatlán.
“Acquiring Industrias MASS is a critical step in our commitment to the Latin American market,” said Frank Windsor, President of Rinnai America Corporation. “Our goal is to build upon the success of Industrias MASS by further investing in the company, its people, and products as a platform for growth. Through our shared pledge to innovation, as well as a complementary set of products, we’ll fuel growth while also delivering on our brand promise of Creating a healthier way of living®.”
This strategic acquisition will enable Rinnai America Corporation to establish its local presence in Mexico, for both manufacturing and distribution, through partnership with a clear and established market leader. Industrias MASS’ complimentary product line also includes products which Rinnai has not historically offered, such as water treatment, allowing the company to expand its footprint and offer a broader product portfolio.
In addition, as part of its commitment to success in the region, Rinnai America Corporation has named Victor Molgado as its first Mexico General Manager. Molgado has more than 25 years of experience in local, regional, and international manufacturing operations and was most recently the General Manager for a large joint venture institution in Mexico.
“I’m excited about the opportunity to accelerate Rinnai’s expansion in Mexico in partnership with Industrias MASS,” Molgado said. “The combination of Industrias MASS’ market dominance and Rinnai’s technology and global market leadership unlock great potential for the Mexican market and is the clear choice to accelerate the company’s growth strategy throughout Latin America.”
“The experienced team at Industrias MASS, as well as the in-facility leadership under Victor’s direction, are critical parts of our strategy to capture the growth opportunities we see in the market,” added Windsor.
Through this acquisition Rinnai America Corporation will extend its presence across Latin America, building upon the success of its existing operations in Brazil. The company plans to advance in the region through a combination of organic growth, investment and new alliances to achieve a dominant market share in the commercial water heater market.
To learn more about Rinnai, visit www.rinnai.us.