June 18, 2006
Grundfos has acquired the British shower pump manufacturer Watermill Products Ltd.
The company’s expected turnover in 2006 is £3.5m. Watermill is a well-run family business based in Edenbridge, Kent, and has more than 20 years of experience in the market.
Group Executive Vice President Søren Ø. Sørensen, Grundfos, says,
The acquisition of British Watermill will supplement our product range on the British domestic pump market. The market potential of pumps for shower and bathing installations is estimated at £35-40m and an attractive market for Grundfos. We aim at a turnover of approx. £9m within a 5-year period for this product range.
The UK is one of the Grundfos Group’s largest and most well established markets. The Group already has both a sales company and a production company in the UK with altogether 500 employees and an annual turnover of £100m.
Mr Sørensen continues,
In a market such as the British, where we are market leaders, we are constantly looking for new market opportunities. Grundfos already supplies more than 1.2 million pumps for heat circulation in British homes, and as such it has been a natural next step for us to supply pumps for shower and bathing installations. This means, that we can supply a complete package of pump solutions for increased domestic comfort.
The present owners of Watermill will continue as daily management for the next two years to ensure the continuity of the business. In two to three years, Watermill will become integrated with Grundfos.