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KSB

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uuid000668s

Namestring
KSB
Legal namestring
KSB SE & Co. KGaA
Websiteurl
ksb.com
Company typeenum
Public
Founded yearint
1871
Descriptiontext

KSB SE & Co. KGaA is a German manufacturer of pumps, valves, and related aftermarket services, founded in 1871 and headquartered in Frankenthal. The company is publicly listed on the German SDAX exchange (ticker KSB3:GR) with operations spanning more than 150 countries across five continents, and employed 16,838 people as of 31 December 2025. Its portfolio is organised into three business segments: Pumps (€1,618M FY2025 sales revenue), Valves (€404M), and KSB SupremeServ aftermarket services (€1,013M); consolidated FY2025 sales revenue exceeded €3 billion for the first time at €3,035M with €252.1M in EBIT (8.3% margin) and €166M in net profit.

The core technology stack centres on hydraulic engineering, materials science, and additive manufacturing. Flagship products include the Eta standardised water pump series (introduced 1935–36, the company's identity-defining product), the new-generation Omega 2 dry-installed axially split casing pump, the AmaCan D submersible pump, the SEZ F fish-friendly tubular casing pump, and main reactor coolant pumps weighing 100+ tonnes with 8 MW power ratings for nuclear power plants. Manufacturing incorporates metal 3D printing at the Pegnitz facility, achieving 60%+ productivity gains and 40% build-time reductions per part. Digital capabilities are anchored in KSB Guard, an IoT sensor-to-cloud monitoring service, and a 47% controlling stake in ai-omatic solutions, a Hamburg-based AI start-up providing predictive maintenance analytics that extend monitoring from individual pumps to entire industrial plant fleets.

KSB operates an enterprise field sales go-to-market model through its own sales organisations, regional subsidiaries, and authorized service partners across water, energy, mining, petrochemicals, building services, and general industry verticals. Pricing is quote-based for custom engineered solutions, with multi-year contracts typical for large industrial and municipal customers. Service revenue is monetised through spare parts, installation, inspection, and recurring KSB Guard subscriptions tied to a 50+ year pump installed base. India is a key strategic market, where KSB holds a regulatory monopoly as the only approved domestic manufacturer of main nuclear pumps for the country's Indigenous Pressurized Heavy Water Reactor programme, supported by the 2023 acquisition of Bharat Pumps.

Short descriptiontext

KSB is a German manufacturer of pumps, valves, and related aftermarket services founded in 1871, serving water, energy, mining, petrochemicals, and industrial customers across 150+ countries through three business segments: pumps, valves, and KSB SupremeServ services.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
5,001–10,000
akta.pro rankint
HeadquartersFrankenthal, Germany
HQ citystring
Frankenthal
HQ countrystring
Germany
HQ regionstring
Europe
Markets served

Serves global market

Offices6 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
industrial pumps, fluid handling systems, industrial valves, pump maintenance services, nuclear reactor pumps
Industry1 code
1Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment)
CodeEUALABALPrimaryYes
NAICS code2 codes
  • Pump and Compressor Manufacturing33391
  • Oil and Gas Field Machinery and Equipment Manufacturing333132
SIC code1 code
  • Oil & Gas Field Machinery & Equipment3533
Product category
Industrial Pumps and Valves
GTM motion2 records

Each record includes

Type, Description, Source

Revenue model3 records
1Pumps Segment
TypeHardware Sales
Description

Core pump manufacturing and sales. In 2025, pumps segment generated €1,760 million in order intake and €1,618 million in sales revenue. Includes centrifugal pumps, standard pumps, large power plant pumps, and specialty pumps for nuclear, water, mining, and industrial applications.

2Valves Segment
TypeHardware Sales
Description

Industrial valve manufacturing. Generated €413 million in order intake and €404 million in sales revenue in 2025. Serves petrochemicals, chemicals, energy, and general industrial markets.

3KSB SupremeServ (Service & Spare Parts)
TypeProfessional Services
Description

Aftermarket service, spare parts, and maintenance operations. Generated €1,031 million in order intake and €1,013 million in sales revenue in 2025. Includes installation, commissioning, inspection, repair, and optimization services through KSB SupremeServ division.

Marketing channels12 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels5 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components6 values
Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales
Pricing details1 tier
1Custom industrial pump and valve solutions
ModelOtherBilling cadenceMulti-year contract
Notes

Quote-based pricing for custom industrial equipment. No standard pricing tiers publicly disclosed.

ksb.com
GTM typeB2B
B2B
Offering typeHardware or Manufacturing
Hardware or Manufacturing
Brand1 of 5 records shown
1KSB SupremeServ
Description

Service segment covering spare parts and maintenance operations for pumps and valves

ksb.com
+4 more records
Core offering1 text field

KSB manufactures and sells centrifugal pumps, industrial valves, and complementary fluid handling systems for water, energy, mining, petrochemicals, building services, and general industry applications. The company also operates KSB SupremeServ, an aftermarket service division providing spare parts, installation, maintenance, repair, and AI-powered predictive monitoring through the KSB Guard service. Sales revenue exceeded €3 billion in 2025 across pumps (€1,618M), valves (€404M), and service (€1,013M) segments.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 5 values shown
  • Predictive maintenance reduces unplanned plant downtime through early detection of anomalies
+4 more records
Product overview1 text field

KSB is a leading international manufacturer of pumps, valves, and related services. The company's product portfolio centres on three main segments: Pumps (including industrial centrifugal pumps, reactor coolant pumps, submersible pumps, and specialised hydraulic systems), Valves (complementing the pump portfolio for fluid control), and KSB SupremeServ (comprehensive after-market services including spare parts, maintenance, and the AI-powered KSB Guard predictive maintenance monitoring service). Key product lines include the Omega 2 axially split casing pump, Eta standardised pump series, AmaCan D submersible pump, and SEZ F fish-friendly tubular casing pump. The company serves water, energy, mining, petrochemicals, building services, and general industry sectors across over 150 countries.

Product and service8 records
1KSB Omega 2
CategoryCentrifugal Pumps
Description

A new generation of dry-installed axially split casing pumps with refined hydraulic design and double-entry radial impellers, operating at pressures up to 25 bar and temperatures up to 140°C. Targeted at waterworks, desalination, district heating, and industrial circulation systems.

2KSB SEZ F Fish-Friendly Tubular Casing Pump
CategorySpecialty Pumps
Description

Fish-friendly tubular casing pump with optimised impeller geometry and reduced diffuser vanes achieving under 10% fish mortality. Combines flood control functionality with ecological responsibility for sustainable hydraulic engineering.

3Main Reactor Coolant Pumps
CategoryNuclear Pumps
Description

Large pumps weighing over 100 tonnes with 8-megawatt power ratings for nuclear power plant primary circuits. KSB's largest-ever single order exceeded €150 million for eight units.

4KSB Eta Pumps
CategoryStandardized Centrifugal Pumps
Description

The world's most successful standardised water pump series, originated in 1935/36 by engineer Fritz Krisam. The Eta pump is the company's flagship standardised pump product line spanning over 90 years of engineering heritage.

5KSB AmaCan D
CategorySubmersible Pumps
Description

Submersible pump featuring an open multi-vane impeller with maximum flow rate of 8,000 cubic meters per hour and advanced sensors for vibration and temperature monitoring. Introduced October 2023.

6KSB Valves
CategoryIndustrial Valves
Description

Industrial valve products complementing KSB's pump portfolio for fluid transfer and control applications across water, chemical, energy, mining, and building services sectors.

7KSB SupremeServ
CategoryAftermarket Services
Description

After-market service division covering spare parts and comprehensive service operations for pumps and valves. Provides installation, commissioning, inspection, maintenance, repair, and optimisation services globally.

8KSB Guard Monitoring Service
CategoryDigital Monitoring Services
Description

AI-based predictive maintenance solution for pump monitoring. Uses sensors attached to pump casings with mobile network connectivity to the KSB Cloud, enabling remote monitoring, anomaly detection, and data-driven maintenance recommendations for customers.

Scale indicator9 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
Strategic tierCoreTypeTechnology or IntegrationAnnounced on2026-01-01
Description

KSB increased stake from 5% to 47% in Hamburg-based AI start-up. Partnership enables AI-based predictive maintenance platform extending KSB Guard monitoring to entire fleets of machines and complete industrial plants. Joint customer projects already deployed. AI platform analyzes data from KSB sensors for anomaly detection and optimization recommendations.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight6 records

Each record includes

Type, Description

Market position
Competitive moat6 records

Each record includes

Type, Details

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers3 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment6 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile5 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI capability3 records

Each record includes

Type, Description, Source

AI maturity
App detail

Has app

Feature7 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles5 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries3 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds2 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors1 record

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment3 records

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

KSB

Industrial Pumps and Valvesksb.com

KSB is a German manufacturer of pumps, valves, and related aftermarket services founded in 1871, serving water, energy, mining, petrochemicals, and industrial customers across 150+ countries through three business segments: pumps, valves, and KSB SupremeServ services.

What KSB does

KSB SE & Co. KGaA is a German manufacturer of pumps, valves, and related aftermarket services, founded in 1871 and headquartered in Frankenthal. The company is publicly listed on the German SDAX exchange (ticker KSB3:GR) with operations spanning more than 150 countries across five continents, and employed 16,838 people as of 31 December 2025. Its portfolio is organised into three business segments: Pumps (€1,618M FY2025 sales revenue), Valves (€404M), and KSB SupremeServ aftermarket services (€1,013M); consolidated FY2025 sales revenue exceeded €3 billion for the first time at €3,035M with €252.1M in EBIT (8.3% margin) and €166M in net profit.

The core technology stack centres on hydraulic engineering, materials science, and additive manufacturing. Flagship products include the Eta standardised water pump series (introduced 1935–36, the company's identity-defining product), the new-generation Omega 2 dry-installed axially split casing pump, the AmaCan D submersible pump, the SEZ F fish-friendly tubular casing pump, and main reactor coolant pumps weighing 100+ tonnes with 8 MW power ratings for nuclear power plants. Manufacturing incorporates metal 3D printing at the Pegnitz facility, achieving 60%+ productivity gains and 40% build-time reductions per part. Digital capabilities are anchored in KSB Guard, an IoT sensor-to-cloud monitoring service, and a 47% controlling stake in ai-omatic solutions, a Hamburg-based AI start-up providing predictive maintenance analytics that extend monitoring from individual pumps to entire industrial plant fleets.

KSB operates an enterprise field sales go-to-market model through its own sales organisations, regional subsidiaries, and authorized service partners across water, energy, mining, petrochemicals, building services, and general industry verticals. Pricing is quote-based for custom engineered solutions, with multi-year contracts typical for large industrial and municipal customers. Service revenue is monetised through spare parts, installation, inspection, and recurring KSB Guard subscriptions tied to a 50+ year pump installed base. India is a key strategic market, where KSB holds a regulatory monopoly as the only approved domestic manufacturer of main nuclear pumps for the country's Indigenous Pressurized Heavy Water Reactor programme, supported by the 2023 acquisition of Bharat Pumps.

KSB firmographics

Firmographics
Name
KSB
Legal name
KSB SE & Co. KGaA
Website
https://ksb.com
Company type
Public
Founded year
1871
Operating status
Operating
Headcount range
5,001–10,000 employees
Short description
KSB is a German manufacturer of pumps, valves, and related aftermarket services founded in 1871, serving water, energy, mining, petrochemicals, and industrial customers across 150+ countries through three business segments: pumps, valves, and KSB SupremeServ services.
Ownership category
akta.pro rank

KSB industry classification

Industry
Product category
Industrial Pumps and Valves
NAICS
Pump and Compressor Manufacturing (33391), Oil and Gas Field Machinery and Equipment Manufacturing (333132)
SIC
Oil & Gas Field Machinery & Equipment (3533)
akta.pro primary industry
Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment) (EUALABAL)

Keywords

  • Industrial pumps
  • Fluid handling systems
  • Industrial valves
  • Pump maintenance services
  • Nuclear reactor pumps

Where KSB is headquartered

Location

Headquarters

HQ city
Frankenthal
HQ country
Germany
HQ region
Europe

Offices6 records

Markets served

KSB business model

Business model
GTM type
B2B
Offering type
Hardware or Manufacturing
Cost components
Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

  1. Pumps Segment: Core pump manufacturing and sales. In 2025, pumps segment generated €1,760 million in order intake and €1,618 million in sales revenue. Includes centrifugal pumps, standard pumps, large power plant pumps, and specialty pumps for nuclear, water, mining, and industrial applications.
  2. Valves Segment: Industrial valve manufacturing. Generated €413 million in order intake and €404 million in sales revenue in 2025. Serves petrochemicals, chemicals, energy, and general industrial markets.
  3. KSB SupremeServ (Service & Spare Parts): Aftermarket service, spare parts, and maintenance operations. Generated €1,031 million in order intake and €1,013 million in sales revenue in 2025. Includes installation, commissioning, inspection, repair, and optimization services through KSB SupremeServ division.

Pricing tiers

ModelBillingPrice
OtherMulti-year contractCustom industrial pump and valve solutions

Go-to-market motion2 records

Distribution channels5 records

Marketing channels12 records

KSB product offering

Product offering

Core offering

KSB manufactures and sells centrifugal pumps, industrial valves, and complementary fluid handling systems for water, energy, mining, petrochemicals, building services, and general industry applications. The company also operates KSB SupremeServ, an aftermarket service division providing spare parts, installation, maintenance, repair, and AI-powered predictive monitoring through the KSB Guard service. Sales revenue exceeded €3 billion in 2025 across pumps (€1,618M), valves (€404M), and service (€1,013M) segments.

Product overview

KSB is a leading international manufacturer of pumps, valves, and related services. The company's product portfolio centres on three main segments: Pumps (including industrial centrifugal pumps, reactor coolant pumps, submersible pumps, and specialised hydraulic systems), Valves (complementing the pump portfolio for fluid control), and KSB SupremeServ (comprehensive after-market services including spare parts, maintenance, and the AI-powered KSB Guard predictive maintenance monitoring service). Key product lines include the Omega 2 axially split casing pump, Eta standardised pump series, AmaCan D submersible pump, and SEZ F fish-friendly tubular casing pump. The company serves water, energy, mining, petrochemicals, building services, and general industry sectors across over 150 countries.

Differentiator

Problem solved

Functional benefit

Brands

  • KSB SupremeServ: Service segment covering spare parts and maintenance operations for pumps and valves
  • KSB Guard
  • KSB Guard Monitoring Center
  • Eta
  • EtaLine Pro

Products and services

  • KSB Omega 2 A new generation of dry-installed axially split casing pumps with refined hydraulic design and double-entry radial impellers, operating at pressures up to 25 bar and temperatures up to 140°C. Targeted at waterworks, desalination, district heating, and industrial circulation systems.
  • KSB SEZ F Fish-Friendly Tubular Casing Pump Fish-friendly tubular casing pump with optimised impeller geometry and reduced diffuser vanes achieving under 10% fish mortality. Combines flood control functionality with ecological responsibility for sustainable hydraulic engineering.
  • Main Reactor Coolant Pumps Large pumps weighing over 100 tonnes with 8-megawatt power ratings for nuclear power plant primary circuits. KSB's largest-ever single order exceeded €150 million for eight units.
  • KSB Eta Pumps The world's most successful standardised water pump series, originated in 1935/36 by engineer Fritz Krisam. The Eta pump is the company's flagship standardised pump product line spanning over 90 years of engineering heritage.
  • KSB AmaCan D Submersible pump featuring an open multi-vane impeller with maximum flow rate of 8,000 cubic meters per hour and advanced sensors for vibration and temperature monitoring. Introduced October 2023.
  • KSB Valves Industrial valve products complementing KSB's pump portfolio for fluid transfer and control applications across water, chemical, energy, mining, and building services sectors.
  • KSB SupremeServ After-market service division covering spare parts and comprehensive service operations for pumps and valves. Provides installation, commissioning, inspection, maintenance, repair, and optimisation services globally.
  • KSB Guard Monitoring Service AI-based predictive maintenance solution for pump monitoring. Uses sensors attached to pump casings with mobile network connectivity to the KSB Cloud, enabling remote monitoring, anomaly detection, and data-driven maintenance recommendations for customers.

Quantifiable outcome

  • Predictive maintenance reduces unplanned plant downtime through early detection of anomalies
  • +4 more outcomes

Companies that use KSB

Customer profile

Named customers3 records

Segments6 records

Ideal customer profiles5 records

KSB technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature7 records

KSB partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

  • ai-omatic solutions GmbHcoreTechnology or Integration · 1 January 2026KSB increased stake from 5% to 47% in Hamburg-based AI start-up. Partnership enables AI-based predictive maintenance platform extending KSB Guard monitoring to entire fleets of machines and complete industrial plants. Joint customer projects already deployed. AI platform analyzes data from KSB sensors for anomaly detection and optimization recommendations.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

KSB competitors and assessment

Company assessment

Market position

Competitive moat6 records

Key highlights7 records

Customer concentration

KSB social profiles

Digital presence

KSB financial estimates

Financial estimate

Revenue estimate

Valuation estimate

KSB leadership team

Management profile

Number of profiles

Profiles5 records

KSB subsidiaries and ownership

Company hierarchy

Subsidiaries3 records

KSB funding detail

Funding detail

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

KSB M&A and investment

M&A and investment

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KSB

What does KSB do?

KSB manufactures and sells centrifugal pumps, industrial valves, and complementary fluid handling systems for water, energy, mining, petrochemicals, building services, and general industry applications. The company also operates KSB SupremeServ, an aftermarket service division providing spare parts, installation, maintenance, repair, and AI-powered predictive monitoring through the KSB Guard service. Sales revenue exceeded €3 billion in 2025 across pumps (€1,618M), valves (€404M), and service (€1,013M) segments.

Is KSB a public or private company?

KSB is a public company. It is classified as public and is currently operating.

When was KSB founded?

KSB was founded in 1871. It employs 5,001 to 10,000 people.

Where is KSB based?

KSB is headquartered in Frankenthal, Germany, in the Europe region.

How does KSB make money?

Three revenue lines are on record. Pumps Segment is the primary driver. The others are valves Segment and KSB SupremeServ (Service & Spare Parts).

Does KSB have an API?

No public API is recorded for KSB.

What industry is KSB in?

KSB's product category is Industrial Pumps and Valves. Its primary akta.pro industry code is EUALABAL, Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment). Its NAICS code is 33391 and its SIC code is 3533.

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Live signals
NDTV ProfitKSB Share Price Surges Over 8% After Company Receives Export OrderKSB Ltd. shares rose over 8% after receiving a $12.4 million export order from Dangote Projects Free Zone Enterprise for 18 boiler feed pump packages. The order, valued at Rs 1,180 million, is scheduled for delivery between September 2027 and March 2028, with payment after installation.NDTV ProfitKSB Share Price Surges Over 8% After Company Receives Export OrderKSB Ltd. shares rose over 8% after receiving a $12.4 million export order from Dangote Projects Free Zone Enterprise for 18 boiler feed pump packages. The order, valued at Rs 1,180 million, is scheduled for delivery between September 2027 and March 2028, with payment after installation.The Times of IndiaKSB shares rally 7% after securing Rs 118 crore export order for boiler feed pumpsKSB Ltd secured an export order for 18 boiler feed pump packages valued at Rs 118 crore, with delivery between September 2027 and March 2028. The order reinforces its presence in fertiliser and energy sectors, and shares rallied 7.65% in the past month.CNBCTV18KSB wins ₹118 crore boiler feed pump order from Dangote Projects Free Zone Enterprise - CNBC TV18KSB Ltd received an export order worth $12.4 million (₹118 crore) from Dangote Projects Free Zone Enterprise for about 18 boiler feed pump packages. Delivery is scheduled between September 2027 and March 2028, with payment after installation. The order does not involve related-party transactions.MintTop stocks in focus tomorrow: Investors must watch Tata Steel, KSB, Power Mech, TCI shares on Wed, 30 Sept | TriggersIndian investors are expected to watch Tata Steel, KSB, Power Mech, and TCI on Sept 30 after key corporate moves. Tata Steel approved a $2B fund infusion into its foreign subsidiary, raising the aggregate investment limit to $26.21B. TCI approved its first buyback of up to ₹150 crore at a 10.6% premium.Mining WeeklyAdvanced slurry pump demonstration for Electra Mining Africa 2026KSB Pumps and Valves will host a live demonstration of its MDX slurry pump at Electra Mining Africa 2026, featuring RAMSL technology for quick liner adjustments and SLYsight for wear monitoring. The pump, shipped from GIW in the US, will operate with simulated slurry, and the company will also display large valves.Mining WeeklyAdvanced slurry pump demonstration for Electra Mining Africa 2026KSB Pumps and Valves will host a live demonstration of its MDX slurry pump at Electra Mining Africa 2026, featuring RAMSL technology for quick liner adjustments and SLYsight for wear monitoring. The pump, shipped from GIW in the US, will operate with simulated slurry, and KSB will also display large valves. The company aims to showcase performance improvements and extended service intervals for sub-Saharan mining.Business StandardKSB Ltd, Stove Kraft: HDFC Securities sees bullish setup on chartsHDFC Securities analyst Vinay Rajani rates KSB Ltd and Stove Kraft as Buy, with KSB at ₹828 and Stove Kraft at ₹847. Targets are ₹890 and ₹900 respectively, with stop losses at ₹790 and ₹798. The analyst cites breakout from consolidation and rising volumes as bullish signals.NDTV ProfitFive Stocks To Buy: HCLTech, ONGC, Stove Kraft And More | September 2Analysts and brokerage firms issued buy recommendations for five stocks on September 2, including HCL Technologies, ONGC, Stove Kraft, KSB, and Caplin Point Laboratories. Targets range from 3% to 7.47% upside, with stop-losses set below entry levels.NDTV ProfitFive Stocks To Buy: HCLTech, ONGC, Stove Kraft And More | September 2Analysts and brokerage firms issued buy recommendations for HCL Technologies, ONGC, Stove Kraft, KSB, and Caplin Point Laboratories for the second session of September. Targets range from 5% to 7.47% upside, with stop-loss levels set to manage downside risk.