“With the acquisition of Tesla we expand our global market share within submersible motors considerably, and we achieve a competitive edge as supplier of submersible motors to the pump industry,” said Jens Jørgen Madsen, group president and CEO at Grundfos. This acquisition will play an important role in Grundfos' strategy in the coming years, he added.
Tesla, founded in 1990, produces 100,000 motors (4 inch and 6 inch), with estimated 2004 sales of $15.56 million (U.S.) and about 70 employees.
Globally, Grundfos employs about 11,000 people including 130 headquartered at Grundfos Pumps Corp. in Olathe, Kan. (suburb of Kansas City), and 270 at its manufacturing facility in Fresno, Calif.
The sale became effective Jan. 1.