 In 1987, Merloni Elettrodomestici, already listed on the stock exchange, acquired Indesit (founded in Torino as Industria Elettrodomestici Spirea Italia SpA, a subsidiary of Spirea srl, by Armando Campioni, Adelchi Candellero and Filippo Gatta in 1953), its biggest rival on the Italian market which also had a certain international presence, as well as 33% of Philco Italy.In 1988, Merloni, under the Ariston and Indesit brands, had a turnover of 1.059 billion dollars, becoming the fourth largest European manufacturer of home appliances.The following year, it acquired and absorbed the French company Scholtès.