ITT Inc. has signed an agreement to acquire privately held Svanehøj Group for $395 million (€367 million).
Svanehøj will become part of ITT’s Industrial Process (IP) segment, a global leader in flow focused on highly engineered pumps, valves and aftermarket services.
Svanehøj, based in Svenstrup, Denmark, 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.
These products manage critical liquids for the energy transition, including ammonia, liquefied petroleum gas (LPG), LNG, methanol, hydrogen and CO2.
“Svanehøj is an outstanding addition to ITT, with extensive experience in the marine pumps industry and a complementary portfolio of highly engineered flow products aligned to the energy transition,” said Luca Savi, CEO and president of ITT.
Svanehøj CEO Søren Kringelholt Nielsen added: “This is very good news for Svanehøj and our employees, and we are proud to become a part of the ITT family. We see ITT as an ideal match for us, and the perfect platform to accelerate the continued growth and development of Svanehøj’s market-leading, innovative and future-proof pump solutions.
“We are excited to begin our next chapter as part of ITT and continue to facilitate the green transition.”
ITT to acquire pump specialists Svanehøj
