Franklin Electric Acquires Industrias Rotor Pump S.A.
July 03 2018 - 3:02PM
Franklin Electric Co., Inc. (NASDAQ:FELE) announced today that it
has acquired Industrias Rotor Pump S.A. headquartered in Buenos
Aires, Argentina. Industrias Rotor Pump imports,
manufactures, assembles, and distributes a large variety of water
pumping equipment for sale to distributors and other resellers in
the Argentine market place. In their fiscal year 2017,
Industrias Rotor Pump had annual sales of approximately $21
million.
Gregg Sengstack, Chairman and CEO of Franklin Electric Co., Inc
commented:
“We are pleased to acquire Industrias Rotor Pump, one of the
leading providers of water pumping equipment in Argentina.
Franklin Electric has had a long and successful relationship with
Industrias Rotor Pump for over three decades. It serves
customers’ water pumping needs by providing products imported from
all over the world for residential, agricultural and industrial end
markets. The team at Industrias Rotor Pump has built the most
successful business of its kind in Argentina by being technical
experts on water pumping products and providing its customers with
outstanding service and support.”
Results of Industrias Rotor Pump will be reported in the Water
Systems segment beginning in the third quarter of 2018. The
Company expects this acquisition to be accretive to 2019 earnings
per share.
Franklin Electric is a global leader in the production and
marketing of systems and components for the movement of water and
fuel. Recognized as a technical leader in its products and
services, Franklin Electric serves customers around the world in
residential, commercial, agricultural, industrial, municipal, and
fueling applications.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995. Any forward-looking statements contained
herein, including those relating to market conditions or the
Company’s financial results, costs, expenses or expense reductions,
profit margins, inventory levels, foreign currency translation
rates, liquidity expectations, business goals and sales growth,
involve risks and uncertainties, including but not limited to,
risks and uncertainties with respect to general economic and
currency conditions, various conditions specific to the Company’s
business and industry, weather conditions, new housing starts,
market demand, competitive factors, changes in distribution
channels, supply constraints, effect of price increases, raw
material costs, technology factors, integration of acquisitions,
litigation, government and regulatory actions, the Company’s
accounting policies, future trends, and other risks which are
detailed in the Company’s Securities and Exchange Commission
filings, included in Item 1A of Part I of the Company’s Annual
Report on Form 10-K for the fiscal year ending December 31, 2017,
Exhibit 99.1 attached thereto and in Item 1A of Part II of the
Company’s Quarterly Reports on Form 10-Q. These risks and
uncertainties may cause actual results to differ materially from
those indicated by the forward-looking statements. All
forward-looking statements made herein are based on information
currently available, and the Company assumes no obligation to
update any forward-looking statement.
Contact:
John J. HainesFranklin Electric Co., Inc.260-824-2900
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