During the 1990s the company opened its first branches in Eastern Europe and Asia. In the same years Ariston Thermo acquired Racold,^[3] India's largest water heaters' manufacturer, and opened its first wholly owned plant in China.

The early 21st century saw the acquisition in 2001 of several historical companies and brands in the heating and burner sectors, namely: Chaffoteaux, Elco, Cuenod and Rendamax.