ITT Inc. (NYSE: ITT) announced today that it has completed the
acquisition of Rheinhütte Pumpen Group, a market-leading designer and
manufacturer of centrifugal and axial flow pumps, from Aliaxis Group S.A.
The acquisition aligns with ITT’s 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.
Rheinhütte has a 160-year heritage and is a leading provider of highly
engineered pumps suited for the handling of aggressive media. Rheinhütte
solutions serve specialty applications for the chemical, mining,
renewable energy and refinery processes and include solutions for
sulfuric acid, molten sulfur, fertilizer and chlorine-alkali
electrolysis production, among others.
“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 capabilities 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.”
Rheinhütte, which is headquartered in Wiesbaden, Germany, has
approximately 430 employees and operates in three main manufacturing
locations. Full-year 2018 revenue was approximately €61.5 million.
The transaction is expected to be accretive to ITT earnings in the first
full year after closing. The cash consideration of approximately €81
million will be funded from the company’s cash and European commercial
paper program and is subject to customary working capital adjustments.
About ITT
ITT is a diversified leading manufacturer of highly engineered critical
components and customized technology solutions for the energy,
transportation and industrial markets. Building on its heritage of
innovation, ITT partners with its customers to deliver enduring
solutions to the key industries that underpin our modern way of life.
ITT is headquartered in White Plains, N.Y., with employees in more than
35 countries and sales in approximately 125 countries. The company
generated 2018 revenues of $2.7 billion. For more information, visit www.itt.com.
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