INTRODUCTION The Poul Due Jensen Foundation, which is the principal shareholder of the Grundfos Group, is pleased to note that with steady sales and manufacturing efforts, the company has achieved satisfactory growth figures, an ongoing focus on research and technology is translated into new and ground-breaking products, and finally, the company has revitalised its values in close collaboration with thousands of employees all over the world. Like many other industrial companies, Grundfos must be flexible and ready to embrace change in a world market where events cannot be predicted. The Poul Due Jensen Foundation is a commercial foundation, and its main purpose is to ensure a healthy development within Grundfos. The charter of the Foundation clearly states that it is to ensure and expand the financial platform for the continued existence and development of the Grundfos Group on a healthy commercial and economic basis. The 2011 result fully meets these intentions. The Poul Due Jensen Foundation is satisfied that the management and employees of the company have managed to achieve very good results despite the general slowdown in the world economy. The company knows how to invest in new, innovative technology in its own production facilities and in the actual product development, and this gives Grundfos a unique position as the leader within its field. In addition, we are happy to note that Grundfos is able to maintain its level of ambition in relation to envir- onmental objectives and perseveres in its persistent effort to make the world even more sustainable. Grundfos' good result and strong position show that it is possible to combine sustainable thinking and sound business. We would like to thank all managers and employees of all Grundfos companies for the great efforts you have made and commitment you have demonstrated throughout the year. Also, we would like to express our appreciation to customers and business partners. Niels Due Jensen Chairman of the Board of The Poul Due Jensen Foundation 4 | GRouP AnnuAl RePoRT 2011
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