Franklin Electric Announces an Increase to its Stock Repurchase Program
Fort Wayne, IN – February 21, 2023 – Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors approved a 1,000,000 share increase to its stock repurchase program. This is in addition to the approximately 216,000 shares that remain authorized for repurchase under the existing stock repurchase program.
“We are pleased to increase our share repurchase authorization, which is enabled by our consistent operational performance and our healthy financial position. This announcement also reflects the Board of Directors’ confidence in our business strategy and our long-term growth opportunities. We remain committed to allocating capital to profitable growth initiatives and returning capital to our shareholders through dividends and share repurchases,” commented Gregg Sengstack, Franklin Electric’s Chairperson and CEO.
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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