BLUFFTON, Ind., Sept. 5 /PRNewswire-FirstCall/ -- Franklin Electric Co., Inc. (NASDAQ:FELE), the world's largest manufacturer of submersible electric motors and a leading supplier of water pumping and fuel pumping systems, announced today that it has completed, through its wholly-owned subsidiary, Franklin Electric Canada, Inc., the acquisition of the pump division of Monarch Industries Limited, Winnipeg, Canada ("Monarch") in an asset transaction. Franklin Electric expects the transaction to be accretive to its earnings per share in the first year of ownership. Monarch's pump division revenues for 2006 were approximately $30 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000223/FRANKLOGO ) R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated, "The Monarch acquisition is an excellent strategic fit for Franklin. It will incrementally expand both our product line and distribution coverage in the North American market." Gene Dunn, President and Chief Executive Officer of Monarch stated, "This transaction represents an exciting opportunity for our Pump Division and its employees. Equally as important, this step will provide the resources and focus necessary for us to accelerate the expansion and modernization of our Hydraulics and Custom Casting & Machining Divisions." Franklin Electric 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.
About Monarch Industries Limited: Established in 1935, Monarch currently operates plants in Winnipeg and Winkler, Manitoba. The Company will continue to manufacture and market hydraulic cylinders; raw and machined iron castings and residential cement mixers across North American under the trade names, "Monarch"; "Lion Hydraulics"; "Big Cat"; and "Black Lynx".
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein involve risks and uncertainties, including but not limited to, general economic and currency conditions, various conditions specific to the Company's business and industry, market demand, competitive factors, changes in distribution channels, supply constraints, technology factors, 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. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. http://www.newscom.com/cgi-bin/prnh/20000223/FRANKLOGODATASOURCE: Franklin Electric Co., Inc.
CONTACT: Thomas J. Strupp, +1-260-824-2900, for Franklin Electric Co., Inc.
Web site: http://www.fele.com/
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