The story
Henry Angelery founded AERCO in 1949 with the purpose of delivering on-demand temperature controlled water heating without storage.
In 1949, AERCO introduced a design for an indirect-fired water heater which has become the industry standard for today's water heaters. This design allows the water to be heated on demand at a controlled temperature without storage.
In 1988, AERCO became the first U.S. manufacturer to offer a fully modulating and condensing commercial gas fired water heaters. This design coordinates the boiler's output to current demand, aiming to ensure that the boiler does not draw more than the necessary amount of fuel. After its release, AERCO promptly extended this design into the hydronic boiler marketplace.
In 2014, AERCO was acquired by Watts Water Technologies for $264.5 million.
From Wikipedia’s article on AERCO International, shared under CC BY-SA 4.0.5