Grundfos, the world’s largest pump manufacturer, is eager to invest more in Thailand and extend its product lines to electronic products this year.
The quality of skilled labour makes Thailand an attractive expansion market, says Mr Jensen, the chairman of Grundfos.
Despite the country’s ongoing political issues, the Danish conglomerate sees high potential in the Thai market due to its high population and a residential market boom.
“Grundfos is interested in investing more in Thailand, most probably in the electronic or electrical appliance lines. With our expertise and the quality of skilled labour here, this field is the most obvious way to go,” said chairman Niels Due Jensen to Bangkok Post.
He did not disclose the investment budget for Thailand.
Grundfos Thailand has a solid customer base in the water pump sector, with 25 years of solid sales. Its sales of 1.2 billion baht last year were second only to Singapore in ASEAN.
It expects to see sales reach 1.4 billion baht this year and have a full line of pumps with high quality but low prices.
The pump business still has plenty of room to grow in the global market. In Thailand, the population has significantly increased in the last few years and Grundfos sees strong growth potential from the housing market boom.
Grundfos offers turnkey solutions to match multiple customer requirements in the residential, industrial, commercial and agricultural sectors.
Its production bases and offices in the Asean region have been in operation for some time.
“We are considering expansion into Myanmar in anticipation of its economic growth. Our current bases in Asia are in Thailand, Singapore, Indonesia, Malaysia, Vietnam and China,” Mr Jensen said.
Grundfos employs over 18,000 people globally with annual turnover of US$4 billion.