Business
Franklin Electric Acquires Water Treatment Company
FORT WAYNE, Ind., April 01, 2021 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has acquired Puronics, Inc. and its
About this update from Franklin Electric Co., Inc.
[{"type":"text","content":"FORT WAYNE, Ind., April 01, 2021 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has acquired Puronics, Inc. and its wholly owned subsidiaries, headquartered in Livermore, California, in an all-cash transaction. Puronics is a residential and commercial water treatment products and services provider operating four company owned service centers and serving approximately 133 independent water quality dealers with approximately 260 locations in 31 states. Puronics’ consolidated annual sales are approximately USD $24 million. Don Kenney, President of Franklin Electric’s global Water Systems business, commented: “We have identified water treatment as a strategic adjacency to our leading ground water pumping position globally. We are pleased to add Puronics’ strong market presence, quality focus and customer-service oriented approach to our water treatment businesses. Puronics has a rich 70-year history as a leading provider of premium residential and commercial water treatment systems, and the acquisition will expand our channel, product, and geographic offerings in the United States. I would like to thank Scott Batiste, the retiring Chairman and CEO of Puronics, for his strong support during this transition, and would like to welcome the Puronics employees to the Franklin Electric family.” 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 distri...