ITT Goulds and Franklin Electric Resolve Lawsuit
Franklin Electric Co., Inc. announced that a settlement has been reached in litigation filed by ITT Water Technology, Inc. against Franklin, which challenged Franklin's recently-announced plans ...
... to distribute 4-inch submersible motor products directly to distributors in the United States and Canada as well as Franklin's announced price changes on its 4-inch motors.
Under the terms of the settlement, ITT will purchase from Franklin the majority of their 4 inch submersible electric motor requirements in the United States and Canada in the 1/3 through 2hp size ratings through December 31, 2006. Franklin has agreed, for this same time period, to supply such products to ITT. The settlement agreement contains no limitation on the sale of any other Franklin products to distributors, including assembled pump motor units sold through its newly acquired Franklin Pump Systems business unit. The pending litigation will be dismissed with prejudice in accordance with the terms of the Settlement Agreement.
Other aspects of the settlement remain confidential.
Franklin Electric is a global leader in the production and marketing of groundwater and fuel pumping systems and is a technical leader in submersible motors, drives, controls, and monitoring devices.
Source: Franklin Electric Co., Inc.