FRANKLIN ELECTRIC ANNOUNCES ACQUISITION OF GRIDSENSE ASSETS
July 12, 2016 – Franklin Electric Co., Inc. (NASDAQ:FELE) announced today that it has completed the purchase of the assets of GridSense Inc., a Colorado corporation, specializing in advanced remote monitoring solutions for distribution transformers, overhead and underground distribution lines, and other hard-to-reach assets. GridSense products will now be sold through INCON Power Reliability Systems (PRS), a wholly owned subsidiary of Franklin Electric.
Travis Wood, INCON Director, commented:
"GridSense products are adaptive and easily retrofit to legacy assets. This niche is very familiar to us and fits with our mission. In addition to expanding our monitoring offering within our core utility substation markets, the product range gives us access downstream toward the end customer where there is excellent growth potential over the next several years."
INCON specializes in advanced remote monitoring solutions for high voltage circuit breakers in substations and load tap changers found on large power transformers.
The financial information on this page about Franklin Electric Co., Inc. has previously been made available for public dissemination through press releases. The placement of such press releases on this particular page of the Franklin Electric Company website is intended to set apart and distinguish financial information from other non-financial information found on this site, including product, service, marketing and technical information. Regardless of the language used and the resulting interpretations that may or could be reached, such product, service, marketing, technical, and/or any other information found within other pages of this site should in no way be construed to be financial in nature or represent the past, current or future financial results of Franklin Electric Co., Inc.
"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, supply constraints, technology factors, 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. We do not assume any obligation to update any forward-looking information. While we may elect to update the forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.