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| Friday, 22 February 2013, 06:20 HKT/SGT | |
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Source: Grundfos | |
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Denmark, Feb 22, 2013 - (ACN Newswire) - Grundfos, the global leader in providing innovative, energy efficient pumps and pumping solutions, today announced that they will acquire long term local Australian partner, B.K.B. Pumps & Tanks Pty Ltd. The deal closure is expected to be finalised by early April 2013.
 | | Grundfos Strengthens Its Position in the Commercial Building Services Market in Australia |
The new business will merge the resources of B.K.B. Pumps and Tanks Pty Ltd with Grundfos' Australian Commercial Building Services (CBS) team to create a new entity with national reach and industry leading capabilities and resources. The move will further strengthen Grundfos' position in the Australian commercial buildings market.
The new entity will be called B.K.B. Building Solutions Pty Ltd (B.K.B.). B.K.B. will operate independently to Grundfos Pumps, with its own Management Team and Board of Directors. The two existing major shareholders of B.K.B. Pumps & Tanks Pty Ltd, Mr Bala and Mr Jeya Thuraisingam, will remain part of the B.K.B. Management Team as General and Deputy General Managers respectively, allowing the company to benefit from their vast experience within the industry.
The announcement was made today at a press conference held at the B.K.B. Headquarters in Hallam, Victoria, and was attended by senior representatives from Grundfos.
Mr Soren O. Sorensen, Group Executive Vice President and Member of Grundfos Group Management said, "Australia is an important contributor to the overall business success of the Grundfos Group. It is a particularly strong contributor to the success we have seen over the years in the Asia Pacific Region, and we expect the acquisition of B.K.B. to further strengthen our local and global growth.
"This new initiative provides further access to the commercial building services market, through both a sales and service set-up, and more importantly, provides added value to our Australian customers."
Mr Steen Holm Jensen, General Manager of Grundfos Pumps Pty Ltd, has been newly appointed as Chairman of the Board of Directors for B.K.B. Building Solutions. He said, "Through this partnership, this new entity will strengthen our roads to market and allow us to accelerate our local growth within the commercial buildings industry."
Mr Bala Thuraisingam, General Manager of B.K.B. Building Solutions, commented, "Despite commercial construction suffering some tough times in recent years, the commercial buildings sector is embracing innovative green technologies. B.K.B. Building Solutions is fully committed to bringing the most innovative, greenest and energy efficient solutions to our customers in Australia - and Australian manufactured pump sets, tanks and controllers are a major plan for business growth nationally into this market sector.
"With our strengthened linkage to Grundfos' leading R&D capabilities in the pump systems industry, and Grundfos' financial strength, we are convinced B.K.B. Building Solutions, through a national organisation, will be a preferred partner to the leading players in the industry."
About Grundfos
Grundfos was founded in 1945 in Bjerringbro, Denmark by the late Poul Due Jensen. Today the Grundfos Group is represented by more than 80 companies in more than 55 countries. In addition Grundfos products are sold in a large number of countries by local distributors. The company is predominantly owned by the Poul Due Jensen Foundation, which was established as an independent institution in 1975. Today the Foundation owns 86.7%, staff 2.0% and the founder's family 11.3% of the shares in Grundfos Holding A/S.
About Grundfos Pumps Australia
Grundfos Pumps Pty Ltd was established in 1980, and for the past 30 years has provided sustainable, innovative pumping solutions to customers throughout the country, covering a range of applications. Grundfos Australia's Head Office is located in Regency Park, South Australia, with Sales Offices across the country. Grundfos Pumps Pty Ltd employs over 160 employees and has a turnover of $130million.
About B.K.B. Pumps & Tanks
B.K.B. Pumps & Tanks was established in 1988 in Melbourne, Victoria. It is today the pre-eminent designer, manufacturer, supplier and installer of packaged pump and tank equipment to the fire, hydraulic and mechanical services industries in South East Australia.
For further enquiries contact:
Frank B. Winther
Communication Manager, Grundfos
Mobile: +45 21 99 62 40
Email: fwinther@grundfos.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Grundfos via Thomson Reuters ONE
Topic: Merger & Acquisition
Source: Grundfos
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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