ITT Completes Acquisition of Svanehøj, Leading Provider of Customized Critical Liquid and Cryogenic Pumps
20 January 2024 - 2:25AM
Business Wire
January 19, 2024-- ITT Inc. (NYSE: ITT) today announced the
completion of its acquisition of Svanehøj Group A/S (Svanehøj), a
supplier of pumps and related aftermarket services with leading
positions in cryogenic applications for the marine sector. ITT
previously announced the acquisition on Nov. 1, 2023. The
acquisition will be primarily funded through a €300 million term
loan entered into on Jan. 12, 2024. The business will be integrated
into ITT’s Industrial Process segment, a global flow leader focused
on highly engineered pumps, valves and aftermarket services.
Svanehøj’s product portfolio primarily consists of deepwell gas
cargo pumps, fuel and energy pumps and tank control systems for
low-emission and green fuels. The company holds a leadership
position in three of the four verticals in which it operates,
including ammonia and LPG (liquefied petroleum gas) cargo pumps,
LPG fuel pumps and LNG (liquefied natural gas) fuel pumps. Svanehøj
is also a recognized aftermarket provider because of its service
capabilities for its large installed base and third-party equipment
maintenance.
Founded in 1928, Svanehøj employs approximately 400 highly
skilled professionals and has operations in Denmark, Singapore and
France. Approximately half of its annual sales are to customers in
Europe, followed by Asia Pacific, the Americas and the rest of the
world. The company generated ~$140 million in sales in 2022.
About ITT
ITT is a diversified leading manufacturer of highly engineered
critical components and customized technology solutions for the
transportation, industrial, and energy markets. Building on its
heritage of innovation, ITT partners with its customers to deliver
enduring solutions to the key industries that underpin our modern
way of life. ITT is headquartered in Stamford, Connecticut, with
employees in more than 35 countries and sales in approximately 125
countries. For more information, visit www.itt.com.
ITT-O
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version on businesswire.com: https://www.businesswire.com/news/home/20240119612567/en/
Media: Phil Terrigno +1
914-641-2143 phil.terrigno@itt.com
Investors: Mark Macaluso +1
914-641-2064 mark.macaluso@itt.com
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