ITT To Acquire Privately Held Svanehøj Group For About $395 Mln

(RTTNews) - ITT Inc. (ITT) said that it agreed to acquire privately held Svanehøj Group A/S for about $395 million.

The transaction is expected to close in the first quarter of 2024, subject to the receipt of customary regulatory approvals.

Headquartered in Svenstrup, Denmark, Svanehøj is a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. Its product portfolio primarily consists of deepwell gas cargo pumps, fuel and energy pumps and tank control systems.

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 about $140 million in sales in 2022.