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Grundfos acquires Peerless
Effective Dec. 1, 2007, the Grundfos Group, with Headquarters in Denmark has acquired Peerless Pump Company. Peerless is a U.S. (manufacturer of pumps and fire protection systems based in Indianapolis, Ind., and five other North American facilities. With more than 400 employees and annual sales of $110 million, Peerless is Grundfos' largest acquisition to date. Grundfos continues its aggressive growth strategy in North America. "Recently we have focused on growing our business globally, especially in Eastern Europe, Asia and North America," said Carsten Bjerg, group president and chief executive officer of Grundfos Group. "The U.S. market has a significant growth potential and seen in that perspective the acquisition of Peerless is of great strategic importance to Grundfos. Combined with the continued expansion of our R&D facilities and production capacity in North America, this acquisition is crucial to strengthening our U.S. market position." Today, Grundfos' sales in North America are $300 million. The U.S. pump market alone is estimated to be $6 billion, so the business potential for Grundfos is huge. With the latest acquisition, Grundfos expects to double sales within a four-year period reaching $600 million. Peerless' products are high-end and the company is considered to be one of the two most recognized water pump brands in the U.S. according to a 2007 survey conducted by the US based Pumps and Systems Magazine. All members of the "Fortune 10" have purchased pumps from Peerless. Date: 12/4/07
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