ITT Inc. said it has an agreement to acquire Rheinhütte Pumpen Group, a German industrial pump manufacturer for $91 million.
Rheinhütte Pumpen Group is a designer and manufacturer of centrifugal and axial flow pumps. ITT of White Plains will acquire the 160-year-old company from Belgium’s Aliaxis Group S.A.
ITT said the deal will help grow its industrial process segment, while also expanding its presence in Europe to include pump engineering, manufacturing, testing and marketing. Rheinhütte’s pumps are suited for demanding industries and uses, including for chemicals, mining, renewable energy and refinery processes, according to ITT’s announcement.
“The proposed agreement will bring together two companies with long legacies of application expertise across a range of harsh conditions in the industrial process space,” said ITT CEO and President Luca Savi.
Rheinhütte, headquartered in Wiesbaden, Germany, has approximately 430 employees and operates in three main manufacturing locations. The company anticipates 2018 revenues of approximately $66 million.
ITT will pay for the acquisition through cash and revolving credit, the company said. The company expects to finalize the transaction this spring, subject to regulatory approvals.
The deal was announced the same day as ITT’s annual financial report, in which the company reported 2018 revenues of $2.75 billion, a 6 percent increase from the previous year. The company has offices at RPW Group’s 1133 Westchester Ave. campus, with employees in more than 35 countries.