Danish industrial group Danfoss has signed a definitive agreement to acquire Alfagomma, an Italian manufacturer of hydraulic and industrial hoses serving the mining, oil and gas, and shipbuilding sectors. The purchase price was not disclosed.
Alfagomma employs 4,500 people and generates annual revenue of 600 million euros. The deal is subject to regulatory approval and is expected to close toward the end of the year.
The acquisition would add to Danfoss Power Solutions, which already employs more than 16,000 of the group's roughly 39,000 global staff. Danfoss reported 7.5 billion euros in revenue and 631 million euros in profit last year.
Terms beyond the headline agreement have not been made public.