ITT Inc. (ITT), a specialty industrial machinery manufacturer, announced on Friday that it has completed the acquisition of Svanehoj Group, a supplier of pumps and aftermarket services.
The deal, which was previously announced on November 1, 2023, will be financed through a loan of 300 million euros.
Post-acquisition, Svanehoj's business will be merged with ITT's Industrial Process segment.
Svanehoj has around 400 employees working in its offices across Denmark, Singapore and France. It generated sales of $140 million in 2022.
Currently, ITT's stock is trading at $119.17, up 0.54 percent on the New York Stock Exchange.
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