ITT Inc. has announced it has acquired privately-held Habonim for $140 million (€127 million) in an all-cash transaction.
Habonim will become part of ITT’s Industrial Process (IP) segment. The acquisition closed in the second quarter of this year and is expected to be accretive to ITT’s consolidated EBITDA margin.
Based in Kfar HaNassi, Israel, Habonim is a leading designer and manufacturer of valves, valve automation and actuation for the gas distribution, including LNG) and harsh application service sectors.
The company’s highly differentiated business model allows for the commercialisation of a majority of its products through distribution while maintaining its end-user relationships.
Habonim also sells directly to original equipment manufacturers and integrators for customised solutions. The company has operations in Israel, the US and the Netherlands and employs over 200 highly skilled professionals globally.
“Habonim is a great addition to the ITT portfolio,” said Luca Savi, CEO and president of ITT.
“The company’s complementary ball valves offering and focus on harsh applications in attractive end markets will drive stronger sales growth for Industrial Process and ITT over the long term.”
“Becoming part of ITT is a very important and exciting step for Habonim on our path to grow and expand our global leadership in the highly performing valves and automated-valves markets,” said Ilan Gilboa, Habonim CEO. “The global reach, expertise in the industrial process business, and the shared, highly engineered approach to solving problems and creating value for our customers will allow us to move forward much faster and with a greater impact as part of ITT. We are excited to begin the next chapter at Habonim.”
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