ITT Inc. completes the acquisition of Rheinhütte Pumpen Group, designer and manufacturer of centrifugal and axial flow pumps, from Aliaxis Group S.A. The acquisition 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, according to the company.
Rheinhütte provides highly engineered pumps suited for the handling of aggressive media. Rheinhütte products serve specialty applications for the chemical, mining, renewable energy and refinery processes and include offerings for sulfuric acid, molten sulfur, fertilizer and chlorine-alkali electrolysis production.
Rheinhütte, headquartered in Wiesbaden, Germany, has approximately 430 employees and operates in three main manufacturing locations, according to ITT. 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.
For more information, visit: www.itt.com