American manufacturing company ITT announced that it has signed an agreement valued at approximately $91.5 million (€80.53 million) to acquire German centrifugal and axial pump manufacturer Rheinhütte Pumpen Group from the Aliaxas Group.
“The proposed agreement will bring together two companies with long legacies of application expertise across a range of harsh conditions in the industrial process space,” said ITT CEO and president Luca Savi.
“We look forward to leveraging Rheinhütte’s deep engineering capabilities to deliver better solutions for our customers and unlock additional growth in key global markets.”
According to ITT, the acquisition aligns with its focused growth initiatives and will enhance the Industrial Process (IP) division’s strategy with a complementary portfolio. The acquisition is expected to bolster IP’s presence in Europe with an expanded product range.
“This agreement reflects our commitment to delivering a comprehensive value proposition to our customers,” said ITT IP president David Malinas.
“The addition of the Rheinhütte Pumpen brand to our current portfolio will broaden our worldwide pump presence. We are excited to join these two teams, leveraging their shared skills and commitment to delivering excellent products for our customers and partners.”
The proposed transaction is expected to close in the second quarter of 2019 and is subject to customary closing conditions, including appropriate regulatory approvals.