FRANKLIN FUELING SYSTEMS ANNOUNCES ACQUISITION OF FLEX-ING INC.
Bluffton, Indiana - November 16, 2012 -- Franklin Fueling Systems, a wholly owned subsidiary of Franklin Electric Co., Inc. (NASDAQ:FELE), announced today that it has completed the acquisition of certain assets of Flex-ing Inc. of Sherman, Texas. Flex-ing designs and manufactures a variety of fueling equipment that is distributed through the same channels as the core product offering of Franklin Fueling Systems. Key products being acquired in this transaction include stainless steel flexible hose connectors, composite manhole covers and curb pump hose. Calendar year 2012 sales for Flex-ing will be approximately $13 million.
Franklin Electric has agreed to pay $10.8 million in an all cash transaction. The Company believes Flex-ing will be accretive to 2013 earnings per share and will effectively integrate all of Flex-ing’s operations into its Fueling Systems headquarters in Madison, WI.
Don Kenney, President of Franklin Fueling Systems, commented:
“Flex-ing has great product lines that extend the Franklin Fueling offering to our customers. The Flex-ing team has done a tremendous job in building a solid market for their products in North America, and we believe we can leverage our existing Franklin Fueling Systems distribution channels to offer those products internationally as well.”
Franklin Electric, the parent of Franklin Fueling Systems, 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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