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ITT Acquires Svanehoj to Boost Industrial Process Segment
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ITT Inc. (ITT - Free Report) recently completed the acquisition of Svanehøj Group A/S. The deal was initially announced in November 2023. The acquisition will be financed through a term loan worth €300 million ($327 million).
Based in Svenstrup, Denmark, Svanehøj is engaged in offering pumps and aftermarket services, specializing in cryogenic applications. The company provides a comprehensive line of fuel and energy pumps, deep well gas cargo pumps and tank control systems. Svanehøj currently employs roughly 400 personnel.
The latest buyout is in sync with ITT’s policy of acquiring businesses to strengthen its business and product portfolio. The inclusion of Svanehøj’s portfolio of highly engineered flow solutions will enable ITT to expand its customer offerings and boost its position in the marine pumps industry.
ITT will integrate Svanehøj into its Industrial Process segment. The segment manufactures engineered fluid-process equipment for diverse industries like oil & gas, mining, power generation and chemical, among others. In the third quarter of 2023, revenues from the Industrial Process segment totaled $279.8 million (34% of ITT’s total revenues).
Other Notable Buyouts
ITT acquired Micro-Mode Products, Inc. in May 2023, which enhanced its product portfolio and customer base, specifically for long-term defense programs. The addition of Micro-Mode drove ITT's existing North America connectors platform, which is part of its Connect and Control Technologies segment.
In August 2022, the company acquired Clippard Instrument Laboratories’ product lines. With product lines of stainless steel, brass and aluminum cylinders and volume tanks, the acquisition expanded ITT’s Compact Automation product offering in the robotics, packaging and automation end markets.
Zacks Rank and Price Performance
ITT currently carries a Zacks Rank #2 (Buy).
The company is benefiting from strength across its industrial, aerospace and defense end markets and strong operational execution. ITT’s innovation investments are also likely to support its growth.
In the past year, the stock soared 34.4% against the industry’s 5.2% decline.
Image Source: Zacks Investment Research
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It has a trailing four-quarter average earnings surprise of 28.6%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings increased 13% in the past 60 days. Shares of Griffon have soared 51.6% in the past year.
General Electric Company (GE - Free Report) presently carries a Zacks Rank #2. It has a trailing four-quarter average earnings surprise of 8%.
The consensus estimate for General Electric’s 2023 earnings increased 0.4% in the past 60 days. Shares of GE have surged 62.7% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 13.9%.
The Zacks Consensus Estimate for AIT’s fiscal 2024 earnings remained steady in the past 60 days. Shares of Applied Industrial have gained 43.4% in the past year.
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ITT Acquires Svanehoj to Boost Industrial Process Segment
ITT Inc. (ITT - Free Report) recently completed the acquisition of Svanehøj Group A/S. The deal was initially announced in November 2023. The acquisition will be financed through a term loan worth €300 million ($327 million).
Based in Svenstrup, Denmark, Svanehøj is engaged in offering pumps and aftermarket services, specializing in cryogenic applications. The company provides a comprehensive line of fuel and energy pumps, deep well gas cargo pumps and tank control systems. Svanehøj currently employs roughly 400 personnel.
The latest buyout is in sync with ITT’s policy of acquiring businesses to strengthen its business and product portfolio. The inclusion of Svanehøj’s portfolio of highly engineered flow solutions will enable ITT to expand its customer offerings and boost its position in the marine pumps industry.
ITT will integrate Svanehøj into its Industrial Process segment. The segment manufactures engineered fluid-process equipment for diverse industries like oil & gas, mining, power generation and chemical, among others. In the third quarter of 2023, revenues from the Industrial Process segment totaled $279.8 million (34% of ITT’s total revenues).
Other Notable Buyouts
ITT acquired Micro-Mode Products, Inc. in May 2023, which enhanced its product portfolio and customer base, specifically for long-term defense programs. The addition of Micro-Mode drove ITT's existing North America connectors platform, which is part of its Connect and Control Technologies segment.
In August 2022, the company acquired Clippard Instrument Laboratories’ product lines. With product lines of stainless steel, brass and aluminum cylinders and volume tanks, the acquisition expanded ITT’s Compact Automation product offering in the robotics, packaging and automation end markets.
Zacks Rank and Price Performance
ITT currently carries a Zacks Rank #2 (Buy).
The company is benefiting from strength across its industrial, aerospace and defense end markets and strong operational execution. ITT’s innovation investments are also likely to support its growth.
In the past year, the stock soared 34.4% against the industry’s 5.2% decline.
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked companies are discussed below:
Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
It has a trailing four-quarter average earnings surprise of 28.6%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings increased 13% in the past 60 days. Shares of Griffon have soared 51.6% in the past year.
General Electric Company (GE - Free Report) presently carries a Zacks Rank #2. It has a trailing four-quarter average earnings surprise of 8%.
The consensus estimate for General Electric’s 2023 earnings increased 0.4% in the past 60 days. Shares of GE have surged 62.7% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 13.9%.
The Zacks Consensus Estimate for AIT’s fiscal 2024 earnings remained steady in the past 60 days. Shares of Applied Industrial have gained 43.4% in the past year.