Franklin Electric Acquires Assets of Midtronics Stationary Power Division

Fort Wayne, IN – July 2, 2018 - Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has completed the acquisition of the Stationary Power Division (SPD) of Midtronics, Inc., an Illinois-based company specializing in the design, engineering, manufacturing and marketing of battery testing and monitoring equipment used in a variety of industries including telecom, data center and electric utilities. SPD will be combined with the existing Grid Solutions business of Franklin Fueling Systems. In its fiscal year 2017, SPD had annual sales of approximately $8 million.

Jay Walsh, President of Franklin Fueling Systems, commented:

“The SPD acquisition advances Franklin Electric’s overall competency in monitoring products and systems. SPD has developed industry leading products to perform point in time and health trend checks on back-up battery banks to ensure they’re effective when needed. When paired with Franklin’s existing Grid Solutions business, the company possesses a comprehensive and powerful suite of products to address the electrical substation monitoring market, as well as the growing data center and mobile telecommunications markets. I am further pleased to welcome the SPD leadership, engineering, sales and marketing teams to the Franklin Fueling Systems family.”

Results of SPD will be reported in the Franklin Electric Fueling Systems segment beginning in the third quarter of 2018. The Company expects this acquisition to be accretive to 2019 earnings per share.

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.


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