Despite the global financial crisis of 2009, it was a defining year for Danish pump giant, Grundfos. Results for the year included 2009 revenue was $3.1 billion vs. $3.4 billion in 2008, but profits remained very positive at $158 million, or 5.1% of revenue which is virtually equal to the 2008 percent return.
”We saw it coming and took the necessary precautions in due time. That is why we pulled through and achieved a reasonable and satisfying result. We are especially happy about our financial solidity which gives us freedom of action in handling future challenges. We have come out well in the first months of 2010 and we are now stronger than we were before the crisis,” saidCarsten Bjerg, Grundfos group president and CEO.
”The consequences of the financial crisis will not disappear in 2010. But there are signs that the worst is over. Growth in the coming year will not be high; however, we expect a slight growth in both turnover and profit,” said Bjerg.
Unfortunately the global financial downturn led to staff reductions of more the 2,000 employees in 2009, with the overwhelming majority coming from the Denmark-based operations.
With a “sustainability first” mentality, Grundfos is said to remain vigilant in pump innovation. “In our opinion our common future will need a more energy saving behavior, new energy types and sustainable production,” said Bjerg.
The Grundfos Commitment to North America continuesGrundfos North America reported results in-line with those reported by the Group and continues with their commitment to growth in the region. Not only did the company continue to introduce advanced technologies to North America with the launch of the highly efficient Alpha product, it continued its strategic investment in competencies.
“We began 2009 with the acquisition of Yeomans Chicago Corporation and ended with the opening of the brand new Peerless Engineered Systems facility. We were certainly impacted by the global economic situation, but we continued our focus on the future and growth,” saidJes Munk-Hansen, Grundfos’ regional managing director of North America. “Similar to other regions in Grundfos, we expect 2010 to be a slow-growth year, but that will not slow us from our plans for continued growth North America, as we will soon be introducing the first of many Grundfos waste water pumps that were previously only available in Europe,” Hansen added.