ITT, a manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets, completed the acquisition of Svanehøj Group, a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector, for $395m. “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. The company has leadership positions in adjacent markets and a strong installed base, with a track record of above-market growth. Like ITT, Svanehøj has developed a strong aftermarket offering that provides good visibility to recurring revenue streams thanks to its global service network and a data-driven approach to capturing opportunities. Lastly, the company is led by a strong management team with vast industry experience and backed by a deep bench of talent across the organization. On behalf of ITTers everywhere, I’d like to welcome Svanehøj’s CEO, Søren, and the entire team to ITT,” said Luca Savi, ITT CEO and President.