ITT to acquire Danish pump supplier Svanehøj in US$395mn deal

ITT Inc has signed an agreement to acquire Svanehøj Group A/S for approximately US$395 million.

Headquartered in Svenstrup, Denmark, Svanehøj is a supplier of pumps and related aftermarket services for the marine sector. The company’s product portfolio primarily consists of deepwell gas cargo pumps, fuel and energy pumps and tank control systems. These products manage critical liquids for the energy transition, including ammonia, liquefied petroleum gas (LPG), liquefied natural gas (LNG), methanol, hydrogen and CO2. Svanehøj also has an established global aftermarket business. Founded in 1928, Svanehøj employs approximately 400 people and has operations in Denmark, Singapore and France. The company had sales of around US$140 million in 2022.

When the transaction closes, Svanehøj will become part of ITT’s Industrial Process (IP) segment.

“Svanehøj is an outstanding addition to ITT, with extensive experience in the marine pumps industry and a complementary portfolio of highly engineered flow products aligned to the energy transition,” said Luca Savi, CEO and president of ITT. “The company has leadership positions in adjacent markets and a strong installed base, with a track record of above-market growth.”

ITT says Svanehøj is well positioned to benefit from growth related to decarbonization, the energy transition, and emissions reduction regulations for marine vessels.

Svanehøj CEO Søren Kringelholt Nielsen said: “We see ITT as an ideal match for us, and the perfect platform to accelerate the continued growth and development of Svanehøj’s market-leading, innovative and future-proof pump solutions. We are excited to begin our next chapter as part of ITT and continue to facilitate the green transition.”