It is early days for US-based ITT Inc., following its recent purchase of the Danish cryo marine pumps business Svanehøj Group.
The deal finally completed in January, having been announced back in November last year. The price paid was about €395m.
ITT is a diversified manufacturer of highly engineered critical components and customized technologies, with more than 50 manufacturing locations. Svanehøj, for its part, has a headquarters in the small Danish town of Svenstrup and supplies pumps and related aftermarket services. It has leading positions in cryogenic applications for the marine sector. As the deal was completed, it had about 400 staff, turnover of $140m, and operations in Denmark, France, and Singapore. Its product portfolio primarily consists of deepwell gas cargo pumps, fuel and energy pumps and tank control systems for low-emission and green fuels.
The acquired company is notable for holding 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.
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