Danish pump maker Grundfos doubles earnings in first half of 2015

Danish pump maker Grundfos doubled its earnings in the first half of this year, driven by strong sales in the U.S. market, according to the company's half-year report on Tuesday.

Grundfos' earnings doubled to 628 million Danish kroner (94.7 million U.S. dollars), as compared to 301 million kroner for the same period last year, it said in a statement.

The company's revenue stood at 11.9 billion kroner in the first half of 2015, rising from 11.1 billion year-on-year.

The U.S. market contributed to the sales growth by 15 percent, while Grundfos' European market was stable with modest growth and increasing market shares, the company said.

However, the company's sales in Russia declined due to the difficult market conditions there.

The company has over the last four years seen declining earnings, and it announced layoffs last year in an attempt to reduce costs.

"We have done what we set out to do. We are pleased that the major initiatives over the past year so far show solid and positive results," said Grundfos CEO Mads Nipper.

"Despite fierce competition and difficult market conditions in several places, our starting point to create reasonable results is better than a year ago," Nipper added, referring to Grundfos' 2020 strategy presented in March which aimed at tripling earnings within a five-year period.

Established in 1945, Grundfos is one of the world's leading pump manufacturers. It produces more than 16 million pump units annually and employs some 19,000 employees in 56 countries worldwide. Endit