KSB South Africa achieves Level 1 BBBEE status
ENGINEERING NEWS / 06 AUGUST 2018 - 09.11 / SIMONE LIEDTKE
KSB Pumps and Valves, which has offices in Gauteng’s East Rand, has achieved Level 1 broad-based black economic empowerment (BBBEE) status after black women-owned company Insikazi Synergies acquired a 30% stake in KSB South Africa.
“Achieving Level 1 BBBEE 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 BBBEE status,” KSB South Africa MD Dr Sven Baumgarten said on Monday.
Insikazi has four shareholders, two of whom – Nonhlanhla Ngwenya and Matshepiso Finca – will join KSB South Africa’s board of directors.
Ngwenya, an electrical engineer, pointed out that KSB is poised for further growth in South Africa and in sub-Saharan Africa.
“We are delighted to be part of this journey, using our relevant experience, networks, and technical and managerial skills to add value to the company,” she said
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER