Franklin Electric Announces Agreement to Purchase Majority Interest in Turkish Groundwater Pumping Systems Leader Impo
Franklin Electric Co., Inc. announced it has reached a definitive agreement to buy eighty percent of the outstanding shares of İmpo Motor Pompa Sanayi ve Ticaret A.S. (Impo) of Izmir, Turkey.
Impo, which has approximately $25 million in annual sales, is a leader in the design, manufacture and sale of groundwater pumping systems in Turkey.
The transaction is subject to the customary approval of regulatory authorities in Turkey and pending that approval, the Company expects the transaction to close in the second quarter of 2011.
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 Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
Source: Franklin Electric Co., Inc.