Through its wholly owned subsidiary, Franklin Electric Canada Inc., Franklin Electric Co. has completed the acquisition of the pump division of Monarch Industries LTD, Winnipeg, Manitoba, in an asset transaction. Monarch’s pump division revenues for 2006 were approximately $30 million, and Franklin Electric expects the transaction to be accretive to its earnings per share in the first year of ownership.
R. Scott Trumbull, chairman and chief executive officer of Franklin Electric, states, “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 states, “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 and Machining Divisions.”
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 America.