Global pump manufacturer KSB Pumps and Valves has obtained Level 1 broad-based black economic empowerment (BBBEE) certification.
This follows the acquisition of a 30% equity stake in the company by black women-owned firm Insikazi Synergies, which has joined the KSB board to play an active role in steering the company in future.
KSB Managing Director, Dr Sven Baumgarten noted that the deal was “a first for the multinational KSB group”.
“Achieving Level 1 BBBEE status has marked a significant milestone for us and is evidence of our philosophy of operating globally and thinking locally. For us, transformation is not only a strategic imperative for operating in this market, but something we embrace as a company that will soon celebrate 60 years of operating in South Africa,” he elaborated.
Baumgarten added that KSB was the first pump and valve original-equipment manufacturer to achieve Level 1 BBBEE status. Over the years, KSB in South Africa has grown to employ over 500 staff and has a turnover of nearly US $70.5m.
“We are poised for further growth in South Africa and in sub-Saharan Africa and look forward to continuing our long and fruitful partnership with local business and government,” Baumgarten stated.