STAMFORD, Conn. - ITT Inc. (NYSE: NYSE:ITT), a diversified manufacturer of engineered components, announced today the completion of its acquisition of Svanehøj Group A/S, a marine sector pump supplier specializing in cryogenic applications. The deal, initially disclosed on November 1, 2023, was financed through a €300 million term loan ($1 = €0.92) on January 12, 2024. Svanehøj will become part of ITT's Industrial Process segment, which focuses on engineered pumps, valves, and services.
Svanehøj, noted for its deepwell gas cargo pumps, fuel pumps, energy pumps, and tank control systems, holds a leadership position in three out of four verticals it operates. These include pumps for ammonia, LPG (liquefied petroleum gas), and LNG (liquefied natural gas). The company is also recognized for its aftermarket service capabilities, maintaining a large installed base and offering third-party equipment maintenance.
With a heritage dating back to 1928, Svanehøj's workforce of around 400 skilled professionals operates out of Denmark, Singapore, and France. The company's sales for 2022 were approximately $140 million, with Europe being its largest market, followed by the Asia Pacific, the Americas, and other regions.
ITT, headquartered in Stamford, Connecticut, serves the transportation, industrial, and energy markets with its technology solutions and critical components. The company boasts a presence in more than 35 countries and conducts sales in roughly 125 countries. This acquisition is part of ITT's strategic expansion within the highly engineered industrial process equipment market.
The integration of Svanehøj is expected to enhance ITT's product offerings and service capabilities in the marine sector, particularly in the growing market for low-emission and green fuel technologies. The information for this report is based on a press release statement.
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