Franklin Electric Acquires Assets of Midtronics Stationary Power Division
03 July 2018 - 6:05AM
Franklin Electric Co., Inc. (NASDAQ:FELE) announced today that it
has completed the acquisition of the Stationary Power Division
(SPD) of Midtronics, Inc., an Illinois-based company specializing
in the design, engineering, manufacturing and marketing of battery
testing and monitoring equipment used in a variety of industries
including telecom, data center and electric utilities. SPD will be
combined with the existing Grid Solutions business of Franklin
Fueling Systems. In its fiscal year 2017, SPD had annual
sales of approximately $8 million.
Jay Walsh, President of Franklin Fueling Systems, commented:
“The SPD acquisition advances Franklin Electric’s overall
competency in monitoring products and systems. SPD has
developed industry leading products to perform point in time and
health trend checks on back-up battery banks to ensure they’re
effective when needed. When paired with Franklin’s existing
Grid Solutions business, the company possesses a comprehensive and
powerful suite of products to address the electrical substation
monitoring market, as well as the growing data center and mobile
telecommunications markets. I am further pleased to welcome
the SPD leadership, engineering, sales and marketing teams to the
Franklin Fueling Systems family.”
Results of SPD will be reported in the Franklin Electric Fueling
Systems segment beginning in the third quarter of 2018. The Company
expects this acquisition to be accretive to 2019 earnings per
share.
Franklin Electric is a global leader in the production and
marketing of systems and components for the movement of water and
fuel. Recognized as a technical leader in its products and
services, Franklin Electric serves customers around the world in
residential, commercial, agricultural, industrial, municipal, and
fueling applications.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995. Any forward-looking statements contained
herein, including those relating to market conditions or the
Company’s financial results, costs, expenses or expense reductions,
profit margins, inventory levels, foreign currency translation
rates, liquidity expectations, business goals and sales growth,
involve risks and uncertainties, including but not limited to,
risks and uncertainties with respect to general economic and
currency conditions, various conditions specific to the Company’s
business and industry, weather conditions, new housing starts,
market demand, competitive factors, changes in distribution
channels, supply constraints, effect of price increases, raw
material costs, technology factors, integration of acquisitions,
litigation, government and regulatory actions, the Company’s
accounting policies, future trends, and other risks which are
detailed in the Company’s Securities and Exchange Commission
filings, included in Item 1A of Part I of the Company’s Annual
Report on Form 10-K for the fiscal year ending December 31, 2017,
Exhibit 99.1 attached thereto and in Item 1A of Part II of the
Company’s Quarterly Reports on Form 10-Q. These risks and
uncertainties may cause actual results to differ materially from
those indicated by the forward-looking statements. All
forward-looking statements made herein are based on information
currently available, and the Company assumes no obligation to
update any forward-looking statement.
Contact:
John J. HainesFranklin Electric Co., Inc.260-824-2900
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