|
Bluffton, Indiana, June 25, 2007
Franklin Electric Co., Inc. (NASDAQ: FELE), the world’s largest
manufacturer of submersible electric motors and a leading supplier of water
pumping and fueling pumping systems, announced today that it has completed
the acquisition of Pump Brands (Pty) Limited, Johannesburg, South Africa
(“Pump Brands”) in a stock transaction. Pump Brands, through
its wholly owned subsidiary Denorco (Pty) Limited, offers a broad range
of pumping system products for the agricultural irrigation, residential,
light commercial, industrial, and municipal markets. Locally-manufactured
pumps are complemented by alliances with international partners. The company’s
brands, Jacuzzi, Normaflo, Mono, Orbit, Rotorflo, Super D and Tsunami,
are well known throughout Africa. Sales for 2006 were approximately USD
$32 million and Franklin Electric expects the acquisition to be accretive
to earnings in the first year.
R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric,
stated, “The acquisition of Pump Brands gives Franklin Electric a
wide product offering and an active presence in various African markets.
This entry into the African pump market will complement Franklin’s
existing submersible motor and control business in the region, and is consistent
with our strategy to increase our presence in regions where there is a
growing demand for groundwater pumping systems.”
Franklin Electric is a global leader in the production and marketing
of systems and components for the movement of water and automotive fuels.
Recognized as a technical leader in its specialties, Franklin serves customers
around the world in residential, commercial, agricultural, industrial,
municipal, and fueling applications.
For Further Information
Refer to: Dawood Farred
+27.11.796.5800
“Safe Harbor” Statement
under the Private Securities Litigation Reform Act of 1995. Any forward-looking
statements contained herein involve risks and uncertainties, including
but not limited to, general economic and currency conditions, various conditions
specific to the Company’s business and industry, market demand, competitive
factors, changes in distribution channels, supply constraints, technology
factors, 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. These
risks and uncertainties may cause actual results to differ materially from
those indicated by the forward-looking statements.
|
