ITT Acquires German Pump Manufacturer
06 March 2019
ITT, the manufacturing company, has announced that it has signed an agreement to acquire German centrifugal and axial pump manufacturer Rheinhütte Pumpen Group from the Aliaxas Group. The agreement is valued at approximately $91.5 million (€80.53 million).
According to ITT, the acquisition aligns with its focused growth initiatives and will enhance the Industrial Process (IP) division’s strategy with a complementary portfolio. The acquisition is expected to bolster IP’s presence in Europe with an expanded product range.
“The proposed agreement will bring together two companies with long legacies of application expertise across a range of harsh conditions in the industrial process space,” said ITT CEO and president Luca Savi.
“The addition of the Rheinhütte Pumpen brand to our current portfolio will broaden our worldwide pump presence. We are excited to join these two teams, leveraging their shared skills and commitment to delivering excellent products for our customers and partners,” said ITT IP president David Malinas.
The proposed transaction is expected to close in the second quarter of 2019 and is subject to customary closing conditions, including appropriate regulatory approvals.