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Subsequent Event

On November 1, 2023, we signed an agreement to acquire 100% of the outstanding shares of privately held Svanehøj Group A/S (Svanehøj), a Denmark-based supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector, for approximately $395, based on current DKK to USD exchange rate and subject to customary closing adjustments. The transaction is expected to close in the first quarter of 2024, subject to the receipt of customary regulatory approvals. Svanehøj will become part of our IP segment. Svanehøj employs approximately 400 employees and has operations in Denmark, Singapore and France. The company generated approximately $140 in sales in 2022.