Franklin Electric Acquires the Pump Division of Monarch Industries Ltd
Franklin Electric Co.,Inc.announced today that it has completed, through its wholly-owned subsidiary, Franklin Electric Canada, Inc., the acquisition of the pump division of Monarch Industries Limited, Winnipeg, Canada ("Monarch") in an asset transaction.
Franklin Electric expects the transaction to be accretive to its earnings per share in the first year of ownership. Monarch's pump division revenues for 2006 were approximately $30 million.
R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated, "The Monarch acquisition is an excellent strategic fit for Franklin. It will incrementally expand both our product line and distribution coverage in the North American market."
Gene Dunn, President and Chief Executive Officer of Monarch stated, "This transaction represents an exciting opportunity for our Pump Division and its employees. Equally as important, this step will provide the resources and focus necessary for us to accelerate the expansion and modernization of our Hydraulics and Custom Casting & Machining Divisions."
About Franclin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels.
Recognized as a technical leader in its specialties, Franklin serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
About Monarch Industries Limited
Established in 1935, Monarch currently operates plants in Winnipeg and Winkler, Manitoba. The Company will continue to manufacture and market hydraulic cylinders; raw and machined iron castings and residential cement mixers across North American under the trade names, "Monarch"; "Lion Hydraulics"; "Big Cat"; and "Black Lynx".
Source: Franklin Electric Co., Inc.