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.
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.