ITT, a U.S. based multi-industrial company with over 10,000 employees worldwide, is now expanding its presence in the growing market for liquefied gas with a significant acquisition of Svanehøj Group.
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.
In recent years, Svanehøj has positioned itself among the leading suppliers of marine fuel and cargo pumps and LNG/LPG tank gauging systems. In parallel, Svanehøj has built the market’s most extensive service and aftersales business as a full-scope provider of inspection, service, and calibration of cargo equipment on gas and energy tankers.
Svanehøj is now ready to further accelerate growth as a part of ITT, a multi-industrial company with over 10,000 employees in more than 35 countries.
“Five years ago, we set out on a journey with the ambition to develop Svanehøj into a significant player in the green energy transition. Thanks to a competent and committed management and staff, we have succeeded. We have built a reputation as a trusted partner in the maritime industry while tripling our revenue and creating a solid profit. Therefore, I am very proud that Svanehøj continues its journey as part of the ITT family”, said Søren Ø. Sørensen, Chairman of the board, Svanehøj.
ITT is headquartered in Stamford, Connecticut, and is a leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. With the addition of Svanehøj Group, ITT expands its activities in flow to the maritime industry.
“We have laid out an ambitious and credible growth plan for Svanehøj, and ITT is a perfect match for us to execute on this plan. They believe in our organization and our brand. At the same time, they bring significant expertise regarding highly engineered critical components and customized technology solutions, which will drive commercial synergies. Together, we will further speed up our contribution to the energy transition”, said Søren Kringelholt Nielsen, CEO of Svanehøj.
The transaction is expected to close in the first quarter of 2024, subject to the completion of customary regulatory approvals.