ACHRNEWS

Grundfos Group Acquires Peerless

December 17, 2007

DENMARK - The Grundfos Group acquired Peerless Pump Co., Indianapolis. The U.S.-based manufacturer of pumps and fire protection systems has a total of six North American facilities. With more than 400 employees and annual sales of $110 million, Peerless is Grundfos’ largest acquisition to date. Grundfos is continuing 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 CEO 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.”

Dean Douglas, president and CEO of Peerless, said, “We see Grundfos’ acquisition of Peerless as an extremely positive move for our customers as well as for the future security and continued development of our employees, of Peerless Pump itself, and our worldwide sales network. The synergies between our organizations are significant and will allow Peerless to accelerate the rapid growth we have enjoyed over the past few years.”

In 2004, the Grundfos Group announced its strategy for North America. Since then the group has made a number of strategic investments. As a result, employment has increased from 530 to more than 1,200 and sales have grown from $144 million to $410 million including the Peerless acquisition.

For more information, visit www.grundfos.com.

Publication date: 12/17/2007