Grundfos (Danish pronunciation: ['g°??n?f?s]) is a pump manufacturer, based in Denmark, with more than 18,000 employees globally. The annual production of more than 12 million pump units, circulator pumps (UP), submersible pumps (SP), and centrifugal pumps (CR). Grundfos also produces electric motors for the pumps as well as electric motors for separate merchandising. Grundfos develops and sells electronics for controls for pumps and other systems. Grundfos was established in 1945 in Bjerringbro by the late Poul Due Jensen. He gave his company the name of "Bjerringbro Pressestøberi og Maskinfabrik" (Bjerringbro Die-Casting and Machine Factory) and not until 1967, after several changes of names, did the company get its present name. The Poul Due Jensen Foundation was established as a self-governing institution in 1975. Today, the foundation owns about 86 per cent, staff about 2 per cent and the founders family about 12 per cent of shares in Grundfos Holding A/S. The aim of the foundation is the continued development of the Grundfos Group. The capital and the profits of the foundation are used solely for the aim of the foundation, that, is the profits are to be re-invested in the Grundfos companies. Grundfos Holding A/S is the majority shareholder in all the Grundfos companies. Lars Kolind was the group chairman.