Danish pump manufacture sees 18 percent growth in Middle East revenues
Grundfos, a Denmark-based pump manufacturer, earned $35 million in revenues from its Middle East operations in 2002. This figure represents an 18 percent growth in the company’s sales in the region over the previous year 2001. The region accounts for 2.6 percent of the company’s $1.3 billion global annual sales.
Saudi Arabia and the United Arab Emirates (UAE) accounted for the largest part of overall sales in the region. Grundfos established its Middle East and North Africa regional base in Jebel Ali Free Zone (JAFZ) with a Dh16 million ($4.35 million) investment.
Grundfos produces 10 million pump units, which are utilized in the international building and irrigation sectors. The group is owned 85 percent by the Poul Due Jensen Foundation, while the Jensen family holds the rest. Grundfos products are sold and serviced primarily through a network of Grundfos-owned national subsidiary companies. — (menareport.com)
© 2003 Mena Report (www.menareport.com)