ITT Inc, a global leader in flow products and services, announced today that it has agreed to buy Svanehøj Group, a Danish supplier of pumps and related services for the marine sector, for about $395 million. The deal is expected to close in the first quarter of 2024.
Svanehøj specializes in cryogenic pumps that handle liquids such as ammonia, LNG, hydrogen and CO2, which are used for the energy transition and decarbonization of marine vessels. The company has a strong aftermarket business and a global service network.
ITT said that Svanehøj will become part of its Industrial Process segment and will enhance its portfolio of highly engineered flow products. ITT also said that Svanehøj has a track record of above-market growth and a strong management team.
Brian Knaley, who was appointed as ITT’s new CEO, said that he is excited to lead the company’s next phase of growth and deliver value and results with Svanehøj. Ron Nicol, Executive Chairman of ITT, said that Knaley is an accomplished and respected leader who will lead the company’s transformation.