Danfoss Power Solutions announced Wednesday that it has reached an agreement to acquire Hydro Holding, an Italian manufacturer of hose fittings.
In addition to carbon and stainless steel fittings and adapters, Hydro Holding produces hose assemblies and formed steel tubing. Its products are used across the material handling, oil and gas, agriculture, marine, construction, mining and chemical sectors.
Danfoss officials said that the deal would bolster its hose fittings lineup and allow the company “to become a leading player in Europe.” Hydro Holding operates four locations in Italy, another in the Czech Republic and a U.K. sales office.
The company will join Danfoss Power Solutions’ fluid conveyance division, which also includes hose and fittings brands Aeroquip, Weatherhead, Hansen and Waltech.
Financial terms of the deal were not disclosed.
“Bringing Hydro Holding into the Danfoss fluid conveyance business is a perfect fit for both organizations,” Danfoss Power Solutions President Daniel Winter said in a statement. “We will create a hose and fitting powerhouse in Europe, and together, we will be able to realize synergies, expand market share, and meet the needs of our customers with innovative solutions and a broader product range.”
“Our fittings portfolio perfectly complements Danfoss’ hoses offering, creating strong commercial and manufacturing synergies,” said Hydro Holding CEO Stefano Bordegnoni.
