Franklin Electric Co. announced it has completed the acquisition of eighty percent of the outstanding shares of Impo Motor Pompa Sanayi ve Ticaret A.S. (Impo) of Izmir, Turkey. Impo is the leading supplier of groundwater pumping equipment in Turkey and has sales of approximately $28 million per year.
Franklin Electric will fund the acquisition with cash and expects the transaction to be accretive to its earnings per share in 2011.
Source: Franklin Electric
Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated, "The Impo acquisition, combined with our current presence in the region, will provide Franklin Electric with the leading position in the rapidly growing market for groundwater pumping systems in Turkey and throughout the Middle East. It will also provide a low cost manufacturing base for supplying the entire region."