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The acquisition adds pumps, cryogenic applications for the marine applications, as well as aftermarket services to ITT’s Industrial Process segment.
ITT Corporation announced that it completed an acquisition of Svanehøj Group A/S (Svanehøj), which supplies a series of pumps and associated aftermarket services in cryogenic applications for the marine sector. The acquisition had been previously announced on November 1, 2023, and will be primarily funded through a $300 million term loan that took effect on January 12, 2024. ITT will integrate the pump business into its Industrial Process segment, providing highly engineered pumps, valves, and aftermarket services.
Svanehøj’s product portfolio consists of deepwell gas cargo pumps, fuel and energy pumps, and tank control systems for low-emission and green fuels. The company retains leadership positions in ammonia and liquefied petroleum gas (LPG) cargo pumps, LPG fuel pumps, and LNG fuel pumps. Svanehøj is also recognized as an aftermarket provider due to its service capabilities for a large installed base and third-party equipment maintenance.
Svanehøj was founded in 1928 and employs approximately 400 trained professionals with operations in Denmark, Singapore, and France. The company makes approximately half of its annual sales to the customer base in Europe, followed by Asia Pacific, the Americas, and the rest of the world. In 2022, Svanehøj generated approximately $140 million in sales.