ITT Expands Market Reach With $395M Acquisition Of Denmark's Svanehøj Group: What's On The Cards?
Portfolio Pulse from Shivani Kumaresan
ITT Inc has agreed to acquire Svanehøj Group A/S for about $395 million. Svanehøj provides liquid and cryogenic pumps for liquefied gas applications and generated ~$140 million in sales in 2022. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals. ITT held $463 million in cash and equivalents as of July 1, 2023.
November 02, 2023 | 9:53 am
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POSITIVE IMPACT
ITT Inc's acquisition of Svanehøj Group A/S for $395 million could potentially expand its market reach and product portfolio. The deal is expected to close in Q1 2024.
The acquisition of Svanehøj Group by ITT Inc could potentially expand ITT's product portfolio and market reach, especially in the liquid and cryogenic pumps sector. This could lead to increased revenues and profitability for ITT in the future, hence the positive score. The deal is highly relevant as it directly involves ITT and is important due to the potential impact on ITT's business. The confidence level is high as the information is directly from the news article.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100