Grundfos Buys Peerless Pump
Carsten Bjerg, group president and CEO of Grundfos Group, said in the announcement that Grundfos has recently focused on growing its business globally, especially in Eastern Europe, Asia and North America. Grundfos has had a U.S. presence since 1973; it sees the Peerless acquisition as crucial to strengthening its U.S. market position.
Grundfos’ sales in North America are $300 million. The U.S. pump market alone is estimated to be $6 billion, and Grundfos expects to double sales within a four-year period.
Dean E. Douglas will continue in his present position as president and CEO of Peerless with reference to the Grundfos Group’s new Regional Managing Director Jes Munk Hansen.