Kirloskar celebrates decade of UK acquisition
Global fluid management major Kirloskar Brothers Ltd this weekend celebrated tenth 10th anniversary of its productive acquisition of the 138-year-old British company, SPP Pumps, in November 2003, marking a new high for the Pune-based company. Prasun Sonwalkar reports.business Updated: Nov 10, 2013 19:37 IST
Global fluid management major Kirloskar Brothers Ltd this weekend celebrated tenth 10th anniversary of its productive acquisition of the 138-year-old British company, SPP Pumps, in November 2003, marking a new high for the Pune-based company.
Prior to the acquisition, the two companies had traded for nearly four decades. SPP Pumps operates from Reading and Coleford (Gloucestershire). The celebration was attended by the staff of SPP Pumps and other stakeholders.
During the last decade, the company said that UK sales had risen by 280% while sales in Oil and Gas fire-sets had risen by 560 per cent. During the period, the company paid 1.5 million pounds in taxes.
Alok Kirloskar, managing director of SPP Pumps, said: “SPP Pumps was a strategic acquisition in that it was done with a purpose to expand our product offerings across continents. Today SPP Pumps is present across high-tech industries such as oil and gas production, water and waste water treatment, power generation, construction, mines and large industrial plants”.
In the next decade, he said the company planned to double its market presence, and continue with our sales CAGR of 20% with profits CAGR of 15%.
Graham Terry, SPP’s director and general manager of Europe, said: “The Kirloskar acquisition gave the financial security, support and aspiration to help rebuild SPP’s confidence and performance to where it is now; a company that ranks as one of the very best in its field”.