ITT Inc. to take the Acquisition of Svanehøj Group

In a recent development, it has been reported that ITT Inc., which operates out of Connecticut, has entered into a definitive agreement to acquire the Denmark-based Svanehøj Group A/S for around a sum of $395 million. It is understood that once the deal is completed, Svanehøj will be integrated into ITT’s Industrial Process segment, enhancing its existing portfolio of pump, valve, and aftermarket service solutions.

Sources indicate that Svanehøj, whose headquarters are in Svenstrup, Denmark, holds a prominent position as a provider of specialized pumps and maintenance services, with a strong emphasis on cryogenic applications within the marine industry. The company is recognized for handling essential fluids vital for energy transition processes, including a variety of gases and liquids such as ammonia, LPG, LNG, methanol, hydrogen, and CO2.

Luca Savi, ITT’s CEO and President, has purportedly expressed his view of Svanehøj as a highly compatible addition to their company. With the marine industry facing strict regulations aimed at reducing greenhouse gas emissions by 50% by the year 2050, a target set by the International Maritime Organisation's "IMO 2023" GHG Strategy, Svanehøj is expected to play a significant role in supporting the sector's growth through decarbonisation and the energy transition.

The acquisition has been commented on by Søren Kringelholt Nielsen, the CEO of Svanehøj, who is reported to have welcomed the integration, highlighting ITT as an exemplary partner to foster further growth and innovation in Svanehøj’s pioneering pump solutions.

Svanehøj, with a legacy dating back to 1928, is credited with employing around 400 specialized professionals and maintains a presence in Denmark, Singapore, and France. It's noted that their sales, which approximated $140 million in the year 2022, are predominantly made to clients across Europe, but also cover the Asia Pacific region, the Americas, and other parts of the world.

According to the article by Procurement Resource, ITT Inc. has agreed to purchase Denmark's Svanehøj Group A/S for approximately $395 million, integrating the marine pump specialist into its Industrial Process segment. Svanehøj's expertise in cryogenic pumps for energy transition fuels positions ITT to capitalize on the marine industry's shift towards decarbonization in line with IMO 2023 regulations. The acquisition promises growth and innovation in Svanehøj's pump technologies, bolstering ITT's global footprint in marine equipment.