Grundfos achieved strong sales growth in key markets, including the US, Germany and the UK, which contributed to a 2022 global growth of 16.2%, adjusted for lost sales in Russia and Belarus.
During 2022, Grundfos closed its business in Russia and Belarus incurring a one-off restructuring expense of DKK851 million.
2022 was a year with historic market turbulence including the Russian invasion of Ukraine, continued impact of Covid-19, bottlenecks in global supply chains, rising energy prices, high inflationary pressure and significant currency swings.
“We have successfully navigated through a challenging year,” says Poul Due Jensen, Group president and CEO of Grundfos. “Our people and our customers have remained our priorities, and I am proud of the efforts made by our employees to keep delivering great customer experiences. We are satisfied with our financial performance. Our business remains strong, and we have delivered solid profitability.”
In 2022, Grundfos implemented a new divisional structure, which will serve as a key lever in delivering the company’s strategic ambitions as well as achieving its purpose to pioneer solutions to the world’s water and climate challenges and improve quality of life for people.
Grundfos also reached a sustainability milestone in November 2022, when its 2050 net-zero commitment was validated and approved by the Science Based Targets initiative.
“We are determined to pioneer solutions to the world’s water and climate challenges and our 2050 net-zero approval is our strong commitment to continue to deliver the most energy and water efficient solutions to the benefit of our customers and the planet,” said Due Jensen.