ITT Inc., a U.S-based multi-industrial company headquartered in Stamford, Connecticut with over 10,000 employees worldwide, is now expanding its presence in the growing market for liquefied gas with the acquisition of Danish based Svanehøj Group A/S.

The transaction is expected to close in the first quarter of 2024, but still subject to the usual completion of customary regulatory approvals of such deals.

Svanehøj is among the leading suppliers of marine fuel and cargo pumps and LNG/LPG tank gauging systems, and the company has also made the market’s most extensive service and aftersales business as a full-scope provider of inspection, service, and calibration of cargo equipment on gas and energy tankers, as it is mentioned in the statement.

ITT is a manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets, so with the addition of the Svanehøj Group A/S activities, ITT expands its activities in the maritime industry planning for Svanehøj to accelerate its growth  as a part of ITT.

Søren Ø. Sørensen, chairman of the board, Svanehøj, said that “Five years ago, we set out on a journey with the ambition to develop Svanehøj into a significant player in the green energy transition. Thanks to a competent and committed management and staff, we have succeeded. We have built a reputation as a trusted partner in the maritime industry while tripling our revenue and creating a solid profit. Therefore, I am very proud that Svanehøj continues its journey as part of the ITT family.”

Søren Kringelholt Nielsen, CEO of Svanehøj, noted that “We have laid out an ambitious and credible growth plan for Svanehøj, and ITT is a perfect match for us to execute on this plan. They believe in our organization and our brand. At the same time, they bring significant expertise regarding highly engineered critical components and customized technology solutions, which will drive commercial synergies. Together, we will further speed up our contribution to the energy transition.”