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US engineering parts producer ITT (NYSE: ITT) has introduced that it has acquired Israeli valve producer Habonim for $140 million in an all-cash transaction. Habonim, based mostly on Kibbutz Kfar Hanassi within the Higher Galilee, will turn into a part of ITT’s Industrial Course of (IP) section.
Habonim designs and manufactures valves, valve automation for the gasoline distribution (together with LNG), biotech and harsh utility service sectors. The corporate’s extremely differentiated enterprise mannequin permits for the commercialization of a majority of its merchandise by way of distribution whereas sustaining its end-user relationships. Habonim additionally sells on to unique gear producers and integrators for personalized options. The corporate has operations in Israel, the US and the Netherlands and has 200 staff.
The exit is a serious success for the Tene Funding Fund, which purchased a controlling stake in Habonim in 2019, for a fraction of the sum it’s now receiving.
ITT president and CEO Luca Savi mentioned, “Habonim is a good addition to the ITT portfolio. The corporate’s complementary ball valves providing and deal with harsh functions in enticing finish markets will drive stronger gross sales development for Industrial Course of and ITT over the long run. Like ITT, Habonim has developed robust, lasting relationships with its clients and finish customers based mostly on constant high quality and their means to supply extremely engineered options. The acquisition offers ITT entry to new, enticing area of interest markets, expands IP’s present specialty valves portfolio, together with by way of its cryogenic and hydrogen ball valves choices for inexperienced power functions, and builds on an already robust distribution community in North America.”
Habonim CEO Ilan Gilboa added, “Turning into a part of ITT is a vital and thrilling step for Habonim on our path to develop and increase our world management within the extremely performing valves and automated-valves markets. The worldwide attain, experience within the Industrial Course of enterprise, and the shared, extremely engineered method to fixing issues and creating worth for our clients will enable us to maneuver ahead a lot quicker and with a higher influence as a part of ITT.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 5, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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