FRANKLIN ELECTRIC COMPLETES THE ACQUISITION OF A MAJORITY INTEREST IN TURKISH GROUNDWATER PUMPING SYSTEMS LEADER IMPO
Bluffton, Indiana – May 2, 2011 - Franklin Electric Co., Inc. (NASDAQ:FELE) announced today it has completed the acquisition of eighty percent of the outstanding shares of İmpo Motor Pompa Sanayi ve Ticaret A.S. (Impo) of Izmir, Turkey. Impo is the leading supplier of groundwater pumping equipment in Turkey and has sales of approximately $28 million per year. Franklin Electric will fund the acquisition with cash and expects the transaction to be accretive to its earnings per share in 2011.
Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated, “The Impo acquisition, combined with our current presence in the region, will provide Franklin Electric with the leading position in the rapidly growing market for groundwater pumping systems in Turkey and throughout the Middle East. It will also provide a low cost manufacturing base for supplying the entire region.”
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 Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
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