Franklin Electric Co., the largest manufacturer of submersible electric motors and a leading supplier of water pumping and fuel pumping systems, has completed the acquisition of 75 percent of the outstanding shares of Vertical S.p.A. for cash. Franklin Electric expects the transaction to be accretive to its earnings per share in 2009. Vertical, headquartered in Vicenza, Italy, had 2008 net revenues of approximately 20 million Euros.
Vertical specializes in the design, development and manufacture of pressed and
welded stainless steel pumps and pump components.
Scott Trumbull, chairman and chief executive officer of Franklin Electric,
states, “Vertical has world-class stainless steel fabrication and design
capabilities. Franklin has a strong global water systems distribution network
and can now partner with Vertical to address the growing worldwide demand for
stainless steel water pumps. In anticipation of this investment, Franklin has
already initiated projects in the Americas and Asia to introduce stainless
steel pumps produced by Vertical. In Europe, Vertical will continue to supply
components to its pump original equipment manufacturer customer base, many of
whom are already valued customers of Franklin Electric.”
Franklin Electric Announces Acquisition of Vertical S.P.A.
January 26, 2009