Franklin Electric Completes the Acquisition of Pumb Brands
Franklin Electric, the world’s largest manufacturer of submersible electric motors and a leading supplier of water pumping and fueling pumping systems, announced today that it has completed the acquisition of Pump Brands (Pty) Limited, Johannesburg, South Africa (“Pump Brands”) in a stock transaction.
Pump Brands, through its wholly owned subsidiary Denorco (Pty) Limited, offers a broad range of pumping system products for the agricultural irrigation, residential, light commercial, industrial, and municipal markets. Locally-manufactured pumps are complemented by alliances with international partners. The company’s brands, Jacuzzi, Normaflo, Mono, Orbit, Rotorflo, Super D and Tsunami, are well known throughout Africa. Sales for 2006 were approximately USD $32 million and Franklin Electric expects the acquisition to be accretive to earnings in the first year.
R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated, “The acquisition of Pump Brands gives Franklin Electric a wide product offering and an active presence in various African markets. This entry into the African pump market will complement Franklin’s existing submersible motor and control business in the region, and is consistent with our strategy to increase our presence in regions where there is a growing demand for groundwater pumping systems.”
Franklin Electric Co., Inc. (NASDAQ: FELE) 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.