KSB Pumps and Valves has achieved Level 1 B-BBEE status following the acquisition of a 30% stake in the South African business by Insikazi Synergies, a 100% black women-owned company.
This is a first for the multi-national KSB Group, a German listed company which operates around the globe.
“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,” says Dr Sven Baumgarten, Managing Director for KSB South Africa.
Insikazi has four shareholders, all highly qualified and experienced black businesswomen who will actively contribute to the KSB business. Nonhlanhla Ngwenya and Matshepiso Finca will join the Board of Directors.
“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,” says Ngwenya, an electrical engineer.
KSB has a long history in South Africa and has shown strong growth, particularly in the last five years, with a turnover approaching R1 billion with close to 500 employees. “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,” says Grant Glennistor, KSB Head of Operations.