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ITT, Inc. 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 (rheinhuette.de) 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 capabilties 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.
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Investors: Jessica Kourakos
P: +1 914-641-2030 - E: jessica.kourakos[.]itt.com.
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