Franklin Electric Announces the Acquisition of Vertical S.p.A.
Franklin Electric Co., Inc.,the world’s largest manufacturer of submersible electric motors and a leading supplier of water pumping and fuel pumping systems, announced that it has completed the acquisition of seventy-five percent of the outstanding shares of Vertical S.p.A. (“Vertical”), for cash. Franklin Electric expects the transaction to be accretive to its earnings per share in 2009.
Vertical, headquartered in Dueville (Vicenza - Italy), had 2008 net revenues of approximately 20 million Euros.
Vertical specializes in the design, development and manufacture of pressed and welded stainless steel pumps and pump components.
R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated. “Vertical has world class stainless steel fabrication and design capabilities. Franklin has a strong global water systems distribution network and can now partner with Vertical to address the growing worldwide demand for stainless steel water pumps. In anticipation of this investment, Franklin has already initiated projects in the Americas and Asia to introduce stainless steel pumps produced by Vertical. In Europe, Vertical will continue to supply components to its pump original equipment manufacturer customer base, many of whom are already valued customers of Franklin Electric. Of course we are pleased that Flavio Rigon, Vertical’s current Managing Director, and Davide Perin, Vertical’s current Director of Sales and Marketing, will continue to lead the Company in partnership with Franklin’s European management team.”
About Franklin 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.
Source: Franklin Electric Co., Inc.