Russia cancels temporary management of Ariston's Russian business

MOSCOW. March 27 (Interfax) - President Vladimir Putin has cancelled the temporary management he imposed a year ago over the Russian division of Italy's Ariston Thermo S.p.A., Ariston Thermo Rus LLC, a decree (No. 176) dated March 26, 2025 posted on the official website for legal information shows.

In April 2024, Russia placed Ariston Thermo Rus under the temporary management of Gazprom Household Systems, a subsidiary of gas giant Gazprom .

Ariston Thermo Rus, known as Merloni Termosanitari Rus until 2009, was founded in 2002 in the manufacturing zone of Vsevolozhsk, Leningrad Region. The company's beneficiary owner is Paolo Merloni. The Russian company is engaged in "production of household electric appliances and the sale of acquired household electric and gas appliances."

Ariston Thermo Rus reported revenue down 6% to 8.91 billion rubles in 2024, but gross profit rose 12% and net profit surged 800% to 292 million rubles from 33 million rubles in 2023. The tax on profit rose 50% to 99 million rubles. The company's payroll expenses grew by 17% to 714 million rubles, although the number of employees remained unchanged at about 290. Two representatives of parent company Ariston serve on the Ariston Thermo Rus's audit commission, the company said in its financial statements.

The 2024 decree also placed the Russian business of Germany's Bosch (BSH Hausgeräte GmbH), BSH Home Appliances LLC in St. Petersburg under temporary management. Unlike Ariston Thermo Rus, BSH Home Appliances slashed production after 2022 and its revenue plunged to 2 billion rubles in 2023 from 50 billion rubles in 2021. The new presidential decree only lifts temporary management from the Ariston subsidiary.