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Brussels, 2 May 2019 – Aliaxis SA, a global leader in the manufacturing and distribution of advanced plastic piping systems, has announced today that it has completed the divestment of Rheinhütte Pumpen to ITT Inc. (NYSE: ITT), which was announced on 22 February. ITT is a diversified leading manufacturer of highly engineered critical components and customised technology solutions for the energy, transportation and industrial markets.

This divestment is in line with Aliaxis’ strategy to explore new paths for non-core activities. The cash consideration is approximately €81m.

“By joining a parent whose core business is pumps, Rheinhütte Pumpen is now able to further accelerate its growth path and expand its global pump presence. We wish the entire Rheinhütte team and ITT great success while they pursue their new exciting future”, said Aliaxis CEO Laurent Lenoir.