ITT Inc. (ITT) has announced the completion of its acquisition of Svanehøj Group A/S (Svanehøj), a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. ITT previously announced the acquisition on Nov. 1, 2023. The acquisition will be primarily funded through a EUR 300M term loan entered into on Jan. 12, 2024. The business will be integrated into ITT’s Industrial Process segment, a global flow leader focused on highly engineered pumps, valves, and aftermarket services.
Svanehøj’s product portfolio primarily consists of deepwell gas cargo pumps, fuel and energy pumps, and tank control systems for low-emission and green fuels. The company holds a leadership position in three of the four verticals in which it operates, including ammonia and LPG (liquefied petroleum gas) cargo pumps, LPG fuel pumps, and LNG (liquefied natural gas) fuel pumps. Svanehøj is also a recognized aftermarket provider because of its service capabilities for its large installed base and third-party equipment maintenance.
