ITT to Acquire Svanehøj, Leading Provider of Customized Critical Liquid and Cryogenic Pumps for Liquefied Gas Applications
02 11월 2023 - 7:43AM
Business Wire
Nov. 1, 2023-- ITT Inc. (NYSE: ITT) today announced it has
signed an agreement to acquire privately held Svanehøj Group A/S
(Svanehøj) for ~$395 million1. The transaction is expected to close
in the first quarter of 2024, subject to the receipt of customary
regulatory approvals. Svanehøj will become part of ITT’s Industrial
Process (IP) segment, a global leader in flow focused on highly
engineered pumps, valves and aftermarket services.
Headquartered in Svenstrup, Denmark, Svanehøj is a supplier of
pumps and related aftermarket services with leading positions in
cryogenic applications for the marine sector. Its product portfolio
primarily consists of deepwell gas cargo pumps, fuel and energy
pumps and tank control systems. These products manage critical
liquids for the energy transition, including ammonia, liquefied
petroleum gas (LPG), liquefied natural gas (LNG), methanol,
hydrogen and CO2, and are widely regarded as the highest quality
offering across most verticals. Svanehøj also has an established
global aftermarket business to service its large installed base and
is capable of servicing third-party equipment as well.
“Svanehøj is an outstanding addition to ITT, with extensive
experience in the marine pumps industry and a complementary
portfolio of highly engineered flow products aligned to the energy
transition. The company has leadership positions in adjacent
markets and a strong installed base, with a track record of
above-market growth. Like ITT, Svanehøj has developed a strong
aftermarket offering that provides good visibility to recurring
revenue streams thanks to its global service network and a
data-driven approach to capturing opportunities. Lastly, the
company is led by a strong management team with vast industry
experience and backed by a deep bench of talent across the
organization. On behalf of ITTers everywhere, I’d like to welcome
Svanehøj’s CEO, Søren, and the entire team to ITT,” said Luca Savi,
Chief Executive Officer and President of ITT.
Svanehøj is well positioned to benefit from growth related to
decarbonization, the energy transition, and emissions reduction
regulations for marine vessels, which include an anticipated 50%
greenhouse gas reduction by 2050 according to the International
Maritime Organization’s “IMO 2023” GHG Strategy.
To comply with IMO 2023, ship owners and operators will need to
upgrade their fleets and invest in new fuel technologies. The cost
of compliance and required maintenance continue to increase, while
discounted port and harbor fees for eco-friendly vessels are being
implemented. As a result of the shift towards more environmentally
friendly energy sources, IMO’s regulatory requirements, and an
aging vessel fleet, demand for new marine vessel builds is expected
to grow at a 5% CAGR from 2023 to 2025, while both LNG-fueled
vessels and LNG carriers are expected to grow over 15% through
2027.
Speaking on the acquisition, Svanehøj CEO Søren Kringelholt
Nielsen said, “This is very good news for Svanehøj and our
employees, and we are proud to become a part of the ITT family. We
see ITT as an ideal match for us, and the perfect platform to
accelerate the continued growth and development of Svanehøj’s
market-leading, innovative and future-proof pump solutions. We are
excited to begin our next chapter as part of ITT and continue to
facilitate the green transition.”
Founded in 1928, Svanehøj employs approximately 400 highly
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 ~$140 million in sales in 2022.
About ITT
ITT is a diversified leading manufacturer of highly engineered
critical components and customized technology solutions for the
transportation, industrial, and energy markets. Building on its
heritage of innovation, ITT partners with its customers to deliver
enduring solutions to the key industries that underpin our modern
way of life. ITT is headquartered in Stamford, Connecticut, with
employees in more than 35 countries and sales in approximately 125
countries. For more information, visit www.itt.com.
ITT-O
1 Final consideration is based on DKK to USD exchange rate on
the date of publication and is subject to customary closing
adjustments.
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version on businesswire.com: https://www.businesswire.com/news/home/20231101128451/en/
Media: Phil Terrigno +1
914-641-2143 phil.terrigno@itt.com
Investors: Mark Macaluso +1
914-641-2064 mark.macaluso@itt.com
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