KSB Pumps and Valves (Pty) Ltd (KSB) today announced that the company has achieved Level 1 B-BBEE status after Insikazi Synergies (RF) (Pty) Ltd (Insikazi), a 100% black women-owned company, acquired a 30% stake in KSB South Africa.
This is a first for the multi-national KSB Group, a German listed company which operates through subsidiaries around the globe. Managing Director for South Africa, Dr Sven Baumgarten, says; “Achieving Level 1 B-BBEE Status has marked a major milestone for us and is evidence of our philosophy of operating globally and thinking locally. 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. We are proud to be the first pump and valve Original Equipment Manufacturer (OEM) to achieve Level 1 B-BBEE status.”
Insikazi has four shareholders, all highly qualified and experienced black businesswomen who will actively contribute to the KSB business, with Nonhlanhla Ngwenya and Matshepiso Finca joining the Board of Directors. Ngwenya, an electrical engineer, says; “KSB is poised for further growth in South Africa and in Sub-Saharan Africa and we are delighted to be part of this journey, using our relevant experience, networks, technical and managerial skills to add value to the company.”
KSB’s heritage in South Africa started in the 1920’s when the first pumps where sold in Cape Town. The local company was formed in 1959 and has shown strong growth, particularly in the last five years, with a turnover approaching 1 Billion Rand with close to 500 employees. KSB has modern manufacturing, sales and service facilities in major cities within South Africa, as well as a growing footprint in Africa, and is well represented in all market segments with high quality products and services. At present about 25% of the company’s business is made up of exports.
Grant Glennistor, KSB Head of Operations, says, “Our evolving growth story is interwoven within the fabric of South African life and we are fully committed to transformation for the betterment of all. The needs of our customers are paramount and to serve these needs we have developed a dedicated and innovative manufacturing base, strongly supporting the South African Government’s initiative to drive local content.”