Danfoss is a Danish multinational company, based in Denmark, with more than 40,043 employees globally. Danfoss was founded in 1933 by engineer Mads Clausen. History Beginning (1933–1966) In 1933 Mads Clausen (1905–1966) founded Dansk Køleautomatik- og Apparatfabrik, later in 1946 the company name was changed to Danfoss. The first product was an expansion valve for refrigeration units, it was developed after studying imported valves from the US. In 1941, activities expanded to products for heating. The thermostatic radiator valve was invented by Mads Clausen in 1943, later patented, and in 1952 promoted as an energy saving device. In 1945 about 224 people were employed at the first factory built at and around the farm where he grew up. There was no more room for expansion and a new larger factory was planned. In 1962 the company started production of power electronics, the first product was custom-built rectifiers, later in 1968 production of the VLT Frequency converter began, the first of its kind in the world. The company also expanded its activities into hydraulics, the first hydraulic component was produced in the factory in Nordborg in 1964. Mads Clausen died in 1966, at 60. Because his sons were too young to run the company, his widow Bitten Clausen took on the role as head of the board. The company had yearly sales of 500 million Danish kroner, and the factory had grown to 10,000 m². Since 1966 Expansion into other countries started in 1956, when the company started to build a factory in Flensburg, Germany, which was completed in 1958. Danfoss Compressors GmbH, Danfoss' former domestic compressor division, was sold in 2010 and renamed Secop. China is also an important market for Danfoss. In 2013, two new factories were opened on the same day, bringing the number to seven. The Chinese market was the third largest for the company. In 2014, Danfoss purchased Vacon, a VFD drive manufacturer. Activities The Danfoss Group manufactures products and provides services used in: cooling food air conditioning heating buildings variable-frequency drives gas compressors powering mobile machinery. Danfoss employs approximately 40,043 people worldwide with its headquarters in Nordborg, Denmark. In 2002 Danfoss joined the United Nations Global Compact, consisting of nine principles with social and environmental responsibility. Bitten og Mads Clausens Fond was established as a self-governing institution in 1971 by Bitten Clausen. Today, the foundation is the biggest shareholder in the company. Controversy World War