On May 1, 2019, ITT announced that the company had completed the acquisition of Rheinhütte Pumpen Group from Aliaxis Group S.A.
Rheinhütte designs and manufactures centrifugal and axial flow pumps, and the move should expand ITT’s industrial pump portfolio. ITT first announced the deal on February 22, 2019, which took a little over two months to complete.
Based in Wiesbaden, Germany, Rheinhütte has about 430 employees spread across three primary manufacturing locations. The company reported 2018 revenue equivalent to $68.8 million.
According to ITT, the acquisition will improve the company’s industrial pump portfolio, particularly components for abrasive, corrosive, and high-temperature environments.
Given Rheinhütte’s 160-year history, the acquisition will also bolster ITT’s European footprint, particularly in pump engineering, manufacturing, and testing.
Rheinhütte is known in the industry for manufacturing pumps engineered to handle aggressive media. For example, the company has designed products to control the production of sulfuric acid, molten sulfur, fertilizer, and chlorine-alkali electrolysis. The applications span the chemical, mining, refinery and renewable energy industries.
The deal is valued at approximately $90.7 million.
In 2018, ITT generated $2.7 billion in revenue.