- 3 December 2007 -

Grundfos acquires Peerless Pumps

Grundfos has acquired US-based pump and fire protection manufacturer Peerless Pumps. Peerless has sales of US$ 110 million, making it Grundfos' largest acquisition to date.

"Recently we have focused on growing our business globally, especially in Eastern Europe, Asia and North America," said Carsten Bjerg, group president and CEO of Grundfos Group, about the move. "The US market has a significant growth potential and seen in that perspective the acquisition of Peerless is of great strategic importance to Grundfos."

The US pump market is around US$6 billion, and according to Grundfos, the business potential huge. Currently, the company's sales in North America are US$300 million. With the latest acquisition, it expects to double sales within a four year period reaching US$600 million.

"The synergies between our organizations are significant and will allow Peerless to accelerate the rapid growth we have enjoyed over the past few years," said Dean E. Douglas, president and CEO of Peerless, who will continue in his present position under Grundfos Group's new regional managing director, Jes Munk Hansen.

www.grundfos.com

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