ITT completes acquisition of liquid and cryogenic pump specialist Svanehøj

Connecticut-based manufacturing company ITT Inc. has completed the acquisition of marine pump specialist Svanehøj Group A/S (Svanehøj).

First announced in November 2023, the purchase was valued at approximately ~$395m and is primarily funded through a €300m term loan.

As part of ITT, Svanehøj will be integrated into the company’s industrial process segment, which focuses on engineered pumps, valves, and aftermarket services.

Founded in 1928, Svanehøj currently has around 400 employees, with operations in Denmark, Singapore, and France. Around half of its annual sales are to customers in Europe.

The company is a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. Its products manage critical liquids for the energy transition, including ammonia, liquefied petroleum gas (LPG), liquefied natural gas (LNG), methanol, hydrogen, and CO2.

Svanehøj is positioned to benefit from growth related to decarbonisation, 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 Organisation’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.

European CO2 Summit 2024

An adage that captures the great CO2 paradox in one succinct sentence. Yet this paradox in carbon dioxide availability and sourcing is being challenged. How we see CO2 is changing.

CO2 is shifting from by-product and waste disposal to an integral circular value chain in its own right, but is it moving quick enough?

We know that sourcing has to change. We know the CO2 supply chain in Europe is fraught with instability and vulnerability; at the same time, demand continues to grow. We know that decarbonisation brings opportunities, but it could also present threats if invaluable CO2 is taken off the table and lost.

The clock is ticking, which begs the question, if CO2 is there to be captured and the proven technology exists to do that, what needs to happen next?

Join gasworld in Austria in February as we turn the attention to what comes next and an action plan for the CO2 business of tomorrow, at the Europe CO2 Summit 2024.

To attend, sponsor and for more information, visit https://bit.ly/GWCO2EU-S24 

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