ITT Inc has completed its acquisition of Svanehøj Group A/S, the Danish supplier of customized critical liquid and cryogenic pumps for the marine sector.
The acquisition will be primarily funded through a €300 million term loan . The business will be integrated into ITT’s Industrial Process segment.
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 an aftermarket provider for its large installed base and third-party equipment maintenance.
Founded in 1928, Svanehøj has approximately 400 employees with operations in Denmark, Singapore and France. Approximately half of its US$140 million annual sales are to customers in Europe, followed by Asia Pacific, the Americas and the rest of the world.