Who owns Rheem now is Paloma Industries, Japanese company headquartered in Nagoya, Japan, which acquired Rheem Manufacturing Company in 1988 and still owns it today in 2026. Rheem Manufacturing Company was founded in 1925 in Emeryville, California by brothers Richard Rheem and Donald Rheem as small company making steel drums, then expanded into water heaters in 1930s and HVAC in 1950s becoming major US manufacturer. In 1988, Paloma Co., Ltd., now Paloma Industries, family-owned Japanese company founded in 1911 that manufactures gas appliances, water heaters, furnaces, and stoves in Japan, acquired Rheem Manufacturing Company for about 1 billion dollars to expand into North American market and global market. Paloma Industries owns 100 percent of Rheem Manufacturing Company, which is headquartered in Atlanta, Georgia, and operates as independent subsidiary with its own management but reports to Paloma Industries in Japan. Paloma Industries also owns Paloma brand in Japan and other markets. Rheem Manufacturing owns Rheem brand and Ruud brand for HVAC and water heaters, both made in same factories in Fort Smith, Arkansas for HVAC and Montgomery, Alabama for water heaters. Rheem is not owned by Daikin which owns Goodman and Amana, nor by Trane Technologies, nor by Carrier Global. So current owner is Paloma Industries Japan, family-owned.
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