ITT Inc has completed its acquisition of Rheinhütte Pumpen Group.
Rheinhütte, which is headquartered in Wiesbaden, Germany, manufactures centrifugal and axial flow pumps for the handling of aggressive media in chemical, mining, renewable energy and refinery processes. The business employs approximately 430 people and had full-year 2018 revenue of approximately €61.5 million.
ITT says that the acquisition aligns with its focused growth strategies in target markets and provides the company’s Industrial Process (IP) segment with a complementary portfolio of pump technologies suited to corrosive, abrasive and high-temperature environments. The acquisition also bolsters IP’s presence in Europe through enhanced pump engineering, manufacturing, testing and channel to market capabilities.
“We look forward to bringing together two companies with deep application expertise in the industrial process space,” said ITT CEO and president Luca Savi. “We plan to leverage this acquisition to deliver better solutions for our customers and to provide Rheinhütte Pumpen with new opportunities to further grow their capabilties and worldwide presence.”
“IP is committed to delivering a comprehensive value proposition to our customers,” said ITT IP president George Hanna. “We are excited to join our two teams, and expect to leverage our shared commitment and capabilities to expand our global pump presence and deliver innovative products for our customers and partners.”