Company:Carel Industries

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Carel Industries
TypeSocietà per azioni
Short description: Italian stock exchange
Borsa Italiana
TypeStock exchange
LocationMilan, Italy
Founded1808; 218 years ago (1808)
OwnerLondon Stock Exchange Group
Key peopleAndrea Sironi (Chairman)
Raffaele Jerusalmi (CEO)
CurrencyEUR
No. of listings353
Market capEUR[1] (2017) € billion 2,370.00 ($ billion 2,960.00)
VolumeUnited States dollar 738 billion
IndicesFTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia

Borsa Italiana S.p.A., based in Milan, is Italy's only stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.[2]

Following exchange privatisation in 1997, the Company was established and became effective since 2 January 1998.[3] It is now a subsidiary of the London Stock Exchange Group plc since 23 June 2007.[4]

In 2015, overall capitalisation for listed company on Borsa Italiana was worth €567.2 billion, representing 34.8% of Italian GDP.[5]

Borsa Italiana is also informally known as Piazza Affari ("Business Square"), after the city square of Milan where its headquarters (the Palazzo Mezzanotte building) is located.

Borsa Italiana is chaired by Andrea Sironi, and Raffaele Jerusalmi is the CEO. They are both directors of the London Stock Exchange Group.[6]

Borsa Italiana is regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB), an agency of the Ministry of Economy and Finance, based in Rome.

History

The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.[7] It operated under public ownership until 1998, when it was privatized.[8] In 1997, all the Italian stocks were merged. Before of this year other smaller stocks exchanges based in Naples, Turin, Trieste, Venice, Genoa, Florence, Bologna, Rome, and Palermo. In 1991 the electronic exchanges were approved and in 1994 the market with grida (A,B,C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing.[9]

On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover,[10] thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse, but was subsequently blocked by the EU Competition Regulator.[11]

Operations

Borsa Italiana acts as a market management firm operating with autonomy and flexibility. It organises and manages the domestic stock market along with Italian and international brokers through fully electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities.[12]

Trading hours

File:L.O.V.E. sculpture by Maurizio Cattelan in front of Milan Stock Exchange.jpg
L.O.V.E. sculpture by Maurizio Cattelan in front of Milan Stock Exchange
The exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 05:30pm and post-market sessions from 06:00pm to 08:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[13]

Markets

Major trading markets for Borsa Italiana are:

  • MTA, the leading equity market, which is devoted to mid and large-size companies. It includes two segments: STAR, for mid-sized firms, and MTA International, on which shares from non-Italian issuers already listed on other European markets are traded;[14]
  • AIM Italia, which collects stocks by small and medium high-growth companies;[15]
  • MIV (Market For Investment Vehicles), on which retail and professional investors operates on investment vehicles which have a defined strategic vision;[16]

Borsa Italiana also include markets for derivatives (IDEM),[17] ETF (ETFPlus) and bonds (MOT).[18]

Indices

Borsa Italiana's main indices are:[19]

  • FTSE Italia All Share
  • FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors, created in 2009[20]
  • FTSE Italia Mid Cap
  • FTSE Italia Small Cap
  • FTSE AIM Italia
  • AIM Italia Investable

Listed companies

See also

References

Notes

  1. ↑ "Borsa in tempo reale - Listino completo - Milanofinanza.it". https://www.milanofinanza.it/quotazioni/ricerca/capitalizzazioni. Retrieved 4 April 2018. 
  2. ↑ italy24.ilsole4ore.com, "Borsa Italiana"
  3. ↑ source sense.com, "Borsa Italiana"
  4. ↑ news.bbc.co.uk, "London Stock Exchange Buys Borsa"
  5. ↑ borsaitaliana.it, "2015 Highlights"
  6. ↑ lseg.com, "Board"
  7. ↑ http://www.historytour.it, "History Tour – Borsa Italiana "
  8. ↑ "Historical Stages". Borsa Italiana. http://www.borsaitaliana.it/headerservices/bicentenario/tappestoriche.en.htm. [|permanent dead link|dead link}}]
  9. ↑ "24 dicembre 1802: viene istituita la Borsa Valori di Roma -". 24 December 2016. http://www.parmadaily.it/293111/24-dicembre-1802-viene-istituita-la-borsa-valori-di-roma/. Retrieved 4 April 2018. 
  10. ↑ "I Principali Indici di Borsa Italiana dopo la fusione con la Borsa di Londra". 21 January 2020. https://toptrading.org/indici/indici-borsa-italiani/. 
  11. ↑ competitionpolicyinternational.com, "EU: LSE and Deutsche Börse officially announce merger"
  12. ↑ borsaitaliana.it, "EU: LSE and Deutsche Börse officially announce merger[yes|permanent dead link|dead link}}]"
  13. ↑ Market Hours, Italian Stock Exchange via Wikinvest
  14. ↑ lseg.com, "MTA "
  15. ↑ lseg.com, "AIM Italia"
  16. ↑ lseg.com, "MIV: Trading "
  17. ↑ lseg.com, 'IDEM Equity "
  18. ↑ lseg.com, "MOT "
  19. ↑ borsaitaliana.it, "Gli indici"
  20. ↑ strategystocks.co.uk, "Milan Stock Exchange: The Italian Index "
  • Affari




FTSE Italia Mid Cap
IndustryElectronics
Founded1973; 53 years ago (1973) in Brugine, Italy
FoundersLuigi Rossi Luciani, Luigi Nalini, Rocco Cilenti, Giancarlo Galvani
HeadquartersBrugine, Padua, Italy
Key people
  • Luigi Rossi Luciani[1]
    (Chairman)
  • Francesco Nalini[1]
    (CEO)
Products
Revenue€629 million[2] (2025)
Websitehttps://www.carel.com/

Carel Industries is an Italian multinational company that designs, manufactures, and markets hardware and software for managing air conditioning, refrigeration, humidification, and evaporative cooling systems.[3][4] Founded in 1973 in Brugine, Padua, Italy, as of 2025 it operates 12 production sites and employs over 2,700 people.[5][6][7] In 2018, it was listed on the Milan Stock Exchange in the FTSE Italia STAR and FTSE Italia Small Cap indices.[8]

History

CAREL's first plant

File:CAREL miprosent.tifThe firm was founded in 1973 in the province of Padua as a business-to-business company, as C.AR.EL., Costruzioni ARmadi ELettrici.[4] Carel began operating as a supplier for a manufacturer of air conditioning units for computing centres (Hiross), producing its electrotechnical component.

CAREL's first plant

In 1981, the company designed one of the first microprocessor-based controllers in Europe for the air-conditioning sector,[9] which was launched on the market the following year under the name Miprosent.[10] This was a parametric model, already pre-programmed in the factory and suitable for mass production and large volumes.[10]

Subsequently, a programmable control was developed based on a new software programming language.[11][12]

In the late 1990s, the refrigeration district, which would later become one of the largest in the world, began to develop around Carel.[9]

International expansion

Within few years, the company expanded first on the domestic market and then on the European market, initially in the air conditioning and humidification sectors and soon afterwards in the refrigeration sector. The production of humidification systems with a significant electromechanical component continued, but investment was mainly concentrated on electronics. International expansion began in the 1990s with the opening of sales branches in France,[9] Great Britain, South America and Germany.[13]

During the 2000s, branches were opened in: China, Australia, USA, Asia, Spain, India, South Africa, Russia and Korea. This period also saw the opening of production sites in the United States,[14] China,[15] Brazil[16] and, in 2015, Croatia,[17] as well as sales offices in Northern Europe, Mexico,[14] the Middle East, Thailand, Poland,[18][19] Ukraine and Japan.[20] In late 2018, CAREL also began to grow externally and acquired the companies Recuperator,[21] HygroMatik[22] and Enginia.[23]

In 2021, it continued its international expansion with the acquisition of CFM Soğutma ve Otomasyon A.Ş, a long-standing distributor and partner in Turkey.[24] The company growth also continued in 2022 through the acquisitions of the Italian companies Arion S.r.l.[25] and Sauber,[26] Germany's Klingenburg[27] and the American Senva.[28] Two more acquisitions were completed in 2023 with the entry of New Zealand's Eurotec[29] and Norway's Kiona into the group.[30]

Operations

Carel specializes in the production of hardware and software components for improving energy efficiency[31] in HVAC and refrigeration systems. The company's products are used across commercial, industrial, and residential applications.[1]

In the HVAC market, the company offers hardware to be integrated in individual units, such as heat pumps, shelters, rooftops, Computer Room Air Conditioners (CRACs), chillers and air handling units. CAREL also delivers products for the industrial and commercial fields, for example, entire plants/systems for shopping malls, supermarkets, museums and data centers.[1]

In the refrigeration market, the firm is active in the design, manufacture and marketing of control and humidification systems within the food retail and food service application segments. Just like for the HVAC market, the company solutions can be integrated both in single units, such as bottle cooler, plug-in refrigerator, multiplexed refrigerator, compressor rack and condensing unit, and in complex systems, such as plants or systems for supermarkets and restaurants.[1]

In addition to its products, Carel also provides services such as commissioning, remote operation, and monitoring of the group's HVAC/R systems through IoT solutions.[32][33][1]

Research and development

The group has research laboratories in HVACR applications in Italy, China and the United States. A laboratory dedicated to air humidification systems and evaporative coolers exists in Padua.[3] In April 2024, the company opened a new research center at its headquarters. The space covers 4500 square meters and includes climate chambers certified for the use of flammable refrigerants, testing booths, and a training center.[34][35]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Annual Report 2023". https://ir.carel.com/php/getFile.php?id=1383%7C. 
  2. ↑ "CAREL Industries cresce nel 2025: ricavi +8,7%, EBITDA in aumento del 18,3%" (in it). la Repubblica. 2026-03-10. https://finanza.repubblica.it/News/2026/03/10/carel_industries_cresce_nel_2025_ricavi_+8_7percento_ebitda_in_aumento_del_18_3percento-173/. 
  3. ↑ 3.0 3.1 "Un intero sistema dedicato all'Indirect Evaporative Cooling nei Data Center". 27 April 2021. https://www.zerosottozero.it/2021/04/27/un-intero-sistema-dedicato-allindirect-evaporative-cooling-nei-data-center/. 
  4. ↑ 4.0 4.1 "Carel (refrigerazione e climatizzazione) punta su Industria 4.0 e vuole sbarcare in Borsa". 20 February 2018. https://www.industriaitaliana.it/carel-punta-su-industria-4-0-e-va-in-borsa/. 
  5. ↑ "Carel Industries". https://mercati.ilsole24ore.com/azioni/borsa-italiana/dettaglio-completo/CRL.MI/analisi-fondamentale. 
  6. ↑ "CAREL continua a crescere in Europa: presentato il nuovo stabilimento in Croazia". 20 April 2021. https://www.zerosottozero.it/2021/04/20/carel-continua-a-crescere-in-europa-presentato-il-nuovo-stabilimento-in-croazia/. 
  7. ↑ "2025 Annual Report". https://ir.carel.com/php/getFile.php?id=1641. 
  8. ↑ "Debutto brillante per CAREL. Prima matricola 2018 su Mta, Il Sole 24 ore". 11 June 2018. https://www.ilsole24ore.com/art/debutto-brillante-carel-prima-matricola-2018-mta-AEEPR73E. 
  9. ↑ 9.0 9.1 9.2 "Una rete di antenne estere e la piccola Carel si trasforma in una vera multinazionale". 9 July 2012. https://ricerca.repubblica.it/repubblica/archivio/repubblica/2012/07/09/una-rete-di-antenne-estere-la-piccola.html. 
  10. ↑ 10.0 10.1 "La crescita aziendale e i suoi territori: le imprese-rete del Nord Est". pp. 19–20. https://www.researchgate.net/publication/296056788. 
  11. ↑ Camuffo, Arnaldo (2014). L'arte di migliorare: Made in Lean Italy per tornare a competere. Marsilio Editori. ISBN 9788831737548. https://books.google.com/books?id=DpfwDQAAQBAJ&dq=controllo+programmabile+microprocessore+carel&pg=PT78. 
  12. ↑ "Carel, dagli anni '90 nel mondo del freddo". 15 October 2019. https://www.ilgiornaledeltermoidraulico.it/carel-dagli-anni-90-nel-mondo-del-freddo/. 
  13. ↑ "Swegon nuovo distributore in Germania dei prodotti di umidificazione Carel". 20 January 2016. https://www.casaeclima.com/ar_25722__BREVI-Dalle-Aziende-carel-swegon-Swegon-nuovo-distributore-in-Germania-dei-prodotti-di-umidificazione-Carel.html. 
  14. ↑ 14.0 14.1 "CAREL: inaugurato l'ampliamento dello stabilimento negli Stati Uniti". 10 September 2019. https://www.zerosottozero.it/2019/09/10/carel-inaugurato-lampliamento-dello-stabilimento-negli-stati-uniti/. 
  15. ↑ "Carel, inaugurato il nuovo impianto in Cina". 25 July 2019. https://www.casaeclima.com/brevi/dalle-aziende/ar_39267_Carel-inaugurato-nuovo-impianto-Cina-.html. 
  16. ↑ "Carel apre nuovo impianto produttivo in Brasile". 16 February 2011. https://www.gdoweek.it/carel-apre-nuovo-impianto-produttivo-in-brasile/. 
  17. ↑ "Carel, così andremo in Piazza Affari e l'80% del fatturato è internazionale". 19 February 2018. https://www.corriere.it/economia/leconomia/18_febbraio_19/carel-cosi-andremo-piazza-affari-a0a56246-1580-11e8-83e1-221a94978c8b.shtml. 
  18. ↑ "La padovana Carel acquisisce il distributore polacco Alfaco". 12 July 2017. https://www.ilsole24ore.com/art/la-padovana-carel-acquisisce-distributore-polacco-alfaco-AEPdgXvB. 
  19. ↑ "Il Gruppo Carel acquista il distributore in Polonia e rafforza la propria posizione nell'est Europa". 18 July 2017. https://industriaeformazione.it/2017/07/18/il-gruppo-carel-acquista-il-distributore-in-polonia-e-rafforza-la-propria-posizione-nellest-europa/. 
  20. ↑ "Refrigerazione da Padova al Giappone: apre Carel Japan". 27 May 2013. https://www.venetoeconomia.it/2013/05/refrigerazione-da-padova-al-giappone-apre-carel-japan/. 
  21. ↑ "Carel buys Italian heat exchanger firm". 26 November 2018. https://www.coolingpost.com/world-news/carel-buys-italian-heat-exchanger-firm/. 
  22. ↑ Merrett, Neil (3 December 2024). "Carel acquires HygroMatik in push to expand European presence". https://www.venetoeconomia.it/2018/12/carel-hygromatik/. 
  23. ↑ Vender, Mark (2 July 2021). "Carel strengthens AHU offering with Enginia acquisition". https://www.hvacrnews.com.au/products/carel-strengthens-ahu-offering-with-enginia-acquisition/. 
  24. ↑ "Italian Carel Expands Investments in Türkiye". 17 April 2023. https://www.invest.gov.tr/en/news/news-from-turkey/pages/italian-carel-expands-investments-turkey.aspx. 
  25. ↑ "Carel increases stake in sensor company Arion". 19 April 2022. https://www.coolingpost.com/world-news/carel-increases-stake-in-sensor-company-arion/. 
  26. ↑ "Carel takes 70% stake in Italian contractor". 14 June 2022. https://www.coolingpost.com/world-news/carel-takes-70-stake-in-italian-contractor/. 
  27. ↑ "CAREL acquires an entire stake in two European companies with production facilities" (in English). Thermal Control Business Update. 30 September 2022. https://www.thermalcontrolmagazine.com/special-report/carel-acquires-an-entire-stake-in-two-european-companies-with-production-facilities/. 
  28. ↑ "CAREL signs a binding agreement to acquire 100% of SENVA" (in English). Refindustry.com. 12 September 2022. https://refindustry.com/news/market-news/carel-signs-a-binding-agreement-to-acquire-100-of-senva/. 
  29. ↑ Rossi, Sandra (23 February 2023). "Carel buys NZ distributor" (in English). Climate Control News. https://www.climatecontrolnews.com.au/refrigeration/carel-buys-nz-distributor. 
  30. ↑ "CAREL industries acquires Kiona, powering energy efficiency and global growth" (in English). Thermal Control Business Update. 31 July 2023. https://www.thermalcontrolmagazine.com/news/carel-industries-acquires-kiona-powering-energy-efficiency-and-global-growth/. 
  31. ↑ "CAREL leads the charge toward sustainable HVAC solutions" (in English). 2 March 2024. https://www.thermalcontrolmagazine.com/hvac-industry/carel-leads-the-charge-toward-sustainable-hvac-solutions/. 
  32. ↑ "How IT is reshaping HVAC industry" (in English). 19 September 2020. https://www.thermalcontrolmagazine.com/feature/how-it-is-reshaping-hvac-industry/. 
  33. ↑ "Carel partners with IoT company SECO" (in English). 6 May 2024. https://www.coolingpost.com/world-news/carel-partners-with-iot-company-seco/. 
  34. ↑ Sandre, Riccardo (20 April 2024). "Carel, più tecnologia: investe 10 milioni nel centro di ricerca" (in Italian). Nordesteconomia. https://nordesteconomia.gelocal.it/imprese/2024/04/20/news/carel_piu_tecnologia_investe_10_milioni_nel_centro_di_ricerca-14240306/. 
  35. ↑ "Il nuovo Knowledge Center di Carel Industries" (in Italian). Edilportale.com. 24 April 2024. https://www.edilportale.com/news/2024/04/tecnologie/carel-presenta-il-nuovo-knowledge-center_99051_12.html. 



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