ITT has announced that it has completed the acquisition process for the Denmark-based Svanehøj Group , a supplier of pumps and related aftermarket services for cryogenic applications in the marine sector.
ITT previously announced the acquisition in November 2023. The acquisition will be primarily funded through a €300 million term loan. The business will be integrated into ITT’s Industrial Process segment, which focuses 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 is considered to hold 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 has comprehensive service capabilities for its large installed base and third-party equipment maintenance.
Founded in 1928, Svanehøj employs around 400 skilled professionals and has operations in Denmark, Singapore and France. Approximately half of its annual sales are to customers in Europe, followed by Asia Pacific, the Americas and the rest of the world. The company generated around US$ 140m in sales in 2022.