Acceptable results despite global financial crisis, company says
Though 2009 was not a great year by Grundfos standards, the company said, despite the global financial crisis the year proved to be another period in the growth ambitions of the Danish pump company that employs more than 16,000 employees in 45 countries around the world. The results: 2009 revenue was $3.1 billion vs. $3.4 billion in 2008, but profits remained positive at $158 million, or 5.1% of revenue which is virtually equal to the 2008 percent return.
”We saw it coming and took the necessary precautions in due time,” said Carsten Bjerg, Grundfos Group president and CEO. “That is why we pulled through and achieved a reasonable and satisfying result. We are especially happy about our financial solidity, which gives us freedom of action in handling future challenges. We have come out well in the first months of 2010 and we are now stronger than we were before the crisis.
”The consequences of the financial crisis will not disappear in 2010. But there are signs that the worst is over. Growth in the coming year will not be high, however, we expect a slight growth in both turnover and profit.”
The global financial downturn led to staff reductions of more the 2,000 employees in 2009, with the overwhelming majority coming from the Denmark-based operations.