PIONEER PUMP SOLUTIONS ANNOUNCES ACQUISITION OF PERFORMANCE PUMP AND EQUIPMENT LIMITED
Bluffton, Indiana - September 3, 2013
Pioneer Pump Solutions Ltd. a wholly owned subsidiary of Franklin Electric Co., Inc. (NASDAQ:FELE), announced today that it has completed the purchase of the assets of Performance Pump and Equipment Company Limited of Stowmarket, Suffolk, UK. Performance Pump is a pump rental company that operates depots in Wigan, Somerset and Petersfield, UK. Performance Pump provides their customers a wide variety of rental alternatives in mining, municipal, dewatering and industrial applications using tailored pump solutions from 2” to 12” bore configurations. Calendar year 2012 sales for Performance Pump were approximately £1.5 million.
Franklin Electric has agreed to pay £1.5 million in an all cash transaction. The Company believes Performance Pump will be accretive to 2014 earnings per share and provides additional assets, customer relationships and market knowledge that enhance the Pioneer Pump Solutions operation in the UK.
Dennis Mitchell, Chairman of Pioneer Pump Solutions, commented:
“Pioneer Pump Solutions is committed to providing 24/7 pump hire and support to our growing list of customers in the UK. The addition of Performance Pump gives us a broader geographical base to service the needs of our customers. We look forward to helping customers throughout the UK achieve the cost savings and reduced carbon emissions that our products provide.”
Pioneer Pump Solutions is a U.K. based national specialist pump hire business with locations in Ipswich, Nottingham and Cardiff and serves the mining, construction and utilities markets.
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