Franklin Electric Acquires First Sales, LLC
Fort Wayne, IN – August 1, 2019 - Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has completed the acquisition of First Sales, LLC, an Indiana manufacturer of water treatment and filtration equipment for the residential and commercial markets. First Sales designs, manufactures and distributes its products under the Sterling Water Treatment and Avid Water Systems brand names, primarily for customers in the United States. First Sales’ operating results will be reported in the Water Systems segment beginning in the third quarter of 2019. In fiscal year 2018, First Sales had annual sales of approximately $14 million. Franklin expects this acquisition to be accretive to 2020 earnings per share.
Don Kenney, President of Franklin’s North America Water Systems business unit, commented:
“First Sales has developed industry leading products for the professional installer of in-home and commercial water treatment systems. These products are sold through some of the same channels as Franklin’s existing products, and we look forward to continuing to serve First Sales’ customers with best in class quality, service, availability, innovation and cost.”
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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