ITT to accumulate Svanehøj | LNG Trade

Headquartered in Svenstrup, Denmark, Svanehøj is a provider of pumps and associated aftermarket providers with main positions in cryogenic functions for the marine sector. Its product portfolio primarily consists of deep-well fuel cargo pumps, gasoline and vitality pumps, and tank management techniques. These merchandise handle crucial liquids for the vitality transition, together with ammonia, liquefied petroleum fuel (LPG), LNG, methanol, hydrogen and carbon dioxide, and are broadly thought to be the very best high quality providing throughout most verticals. Svanehøj additionally has a longtime world aftermarket enterprise to service its giant put in base and is able to servicing third-party tools as properly.

“Svanehøj is an excellent addition to ITT, with in depth expertise within the marine pumps business and a complementary portfolio of extremely engineered movement merchandise aligned to the vitality transition. The corporate has management positions in adjoining markets and a robust put in base, with a observe report of above-market progress. Like ITT, Svanehøj has developed a robust aftermarket providing that gives good visibility to recurring income streams because of its world service community and a data-driven strategy to capturing alternatives. Lastly, the corporate is led by a robust administration crew with huge business expertise and backed by a deep bench of expertise throughout the organisation. On behalf of ITTers in all places, I’d prefer to welcome Svanehøj’s CEO, Søren, and the complete crew to ITT,” mentioned Luca Savi, CEO and President of ITT.

Svanehøj is properly positioned to profit from progress associated to decarbonisation, the vitality transition, and emissions discount laws for marine vessels, which embrace an anticipated 50% greenhouse fuel discount by 2050 in line with the Worldwide Maritime Group’s ‘IMO 2023’ GHG Technique.

To adjust to IMO 2023, ship house owners and operators might want to improve their fleets and spend money on new gasoline applied sciences. The price of compliance and required upkeep proceed to extend, whereas discounted port and harbour charges for eco-friendly vessels are being carried out. Because of the shift in the direction of extra environmentally-friendly vitality sources, IMO’s regulatory necessities, and an ageing vessel fleet, demand for brand spanking new marine vessel builds is anticipated to develop at a 5% CAGR from 2023 – 2025, whereas each LNG-fuelled vessels and LNG carriers are anticipated to develop over 15% by 2027.

Svanehøj CEO, Søren Kringelholt Nielsen, mentioned: “This is superb information for Svanehøj and our staff, and we’re proud to grow to be part of the ITT household. We see ITT as a super match for us, and the right platform to speed up the continued progress and growth of Svanehøj’s market-leading, modern and future-proof pump options. We’re excited to start our subsequent chapter as a part of ITT and proceed to facilitate the inexperienced transition.”

Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/03112023/itt-to-acquire-svanehj/