March 17, 2003
With effect from 1 January 2003 the Grundfos Group has acquired the renowned Brazilian pump manufacturing company Mark Peerless SA, which will in the future carry the name Mark Pumps Ltda.
Nearly half of the shares in Mark Peerless SA are acquired through Sterling Fluid Systems who will then withdraw from the indirect participation in Mark Peerless SA.
Mark Peerless SA, which is one of the largest local players in the Brazilian pump market, employs more than 130 people with yearly sales of approximately USD 8M and produces pumps for industrial purposes, fire extinguishing, and water supply.
“With the acquisition of Mark Peerless SA Grundfos intensifies its focus on the Brazilian market, establishing a solid platform for manufacturing Mark products as well as Grundfos products. Grundfos is also enabled to offer a wide range of well-known and well-adapted products for all of the South American markets, and of course the know-how of the Grundfos Group will also be integrated into the products of Mark Pumps Ltda.” says Group President Jens Jørgen Madsen, Grundfos.
Grundfos is already in the Brazilian market with the sales company Grundfos do Brazil Ltda. In order to allow the best synergy between the companies they will be expected to integrate their knowledge and working methods in order to constantly improve the distribution, service and attention towards the customers' needs thus further boosting the two brand names.
Group Executive Vice President Carlo Prola, Grundfos, will become Chairman of the Board of Directors.