Danish Company Acquires Peerless Pump

One of Indianapolis' oldest industrial businesses, Peerless Pump Co., has been sold to Grundfos Group, a pump-making giant headquartered in Denmark, for an undisclosed price, reports the Indianapolis Business Journal. Peerless, whose origin dates to the 1920s, had been owned by Monaco-based Thyssen-Bornemisza Group since 1976. Peerless manufactures pumps for fresh water. Much of its $110 million in sales is generated by pharmaceutical plants, offshore oil platforms and other industrial projects. Peerless also sells to municipalities and to office buildings for fire protection. Its fire protection pumps move water to upper floors of some of the world's tallest buildings, including the Sears Tower in Chicago and Taipei 101 in Taiwan. According to Grundfos, its current sales in North America are $300 million. "The U.S. pump market alone is estimated to be $6 billion, so the business potential for Grundfos is huge. With the latest acquisition, Grundfos expects to double sales within a four year period reaching $600 million."