US engineering elements 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 grow to be a part of ITT’s Industrial Course of (IP) section.
Habonim designs and manufactures valves, valve automation for the fuel 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 via distribution whereas sustaining its end-user relationships. Habonim additionally sells on to unique gear producers and integrators for custom-made options. The corporate has operations in Israel, the US and the Netherlands and has 200 staff.
The exit is a significant 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 give attention to harsh functions in engaging finish markets will drive stronger gross sales progress for Industrial Course of and ITT over the long run. Like ITT, Habonim has developed sturdy, lasting relationships with its prospects and finish customers based mostly on constant high quality and their capability to supply extremely engineered options. The acquisition gives ITT entry to new, engaging area of interest markets, expands IP’s current specialty valves portfolio, together with via its cryogenic and hydrogen ball valves choices for inexperienced vitality functions, and builds on an already sturdy distribution community in North America.”
Habonim CEO Ilan Gilboa added, “Turning into a part of ITT is an important and thrilling step for Habonim on our path to develop and broaden our international 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 prospects will permit us to maneuver ahead a lot sooner and with a better affect 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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