Business & Economics :: Latest News
December 3, 2007
Grundfos Group acquires Peerless Pump Co.
Effective December 1 2007, the Grundfos Group (www.grundfos.com; Denmark) has acquired Peerless Pump Co. Peerless is a U.S.-based manufacturer of pumps and fire protection systems with facilities in Indianapolis, Ind. and five other North American locations. The collection of more than 400 Peerless employees and annual sales of $110 million represents Grundfos’ largest acquisition to date and reflects its aggressive growth strategy in North America. Today, Grundfos’ sales in North America are $300 million. Given that the U.S. pump market alone is estimated to be $6 billion, Grundfos expects has a target of doubling sales within a four year period reaching $600 million.