Danfoss was founded in 1933 by Mads Clausen, and is today almost entirely owned by The Bitten and Mads Clausen Foundation. In 2002 Danfoss joined the United Nations Global Compact, consisting of nine principles with social and environmental responsibility. Danfoss has an annual sales turnover of 34 billion DKK (2012), and has sales companies in 47 countries and 56 factories in 18 countries around the world. Right from Mads Clausen’s first inventions, Danfoss has been devoted to developing innovative products that meet the customers’ needs for today and tomorrow. It all started with the expansion valve to regulate refrigeration systems and continued with one of the world’s first radiator thermostats to regulate heating and the world’s first mass-produced frequency converters for the speed control of electric motors.