Franklin Electric Co. has announced it has reached a definitive agreement to buy 80 percent of the outstanding shares of Ýmpo Motor Pompa Sanayi ve Ticaret A.S. (Impo) of Izmir, Turkey. Impo, which has approximately $25 million in annual sales, is a leader in the design, manufacture and sale of ground water pumping systems in Turkey.
transaction is subject to the customary approval of regulatory authorities in Turkey, and
pending that approval, Franklin Electric expects the transaction to close in
the second quarter of 2011.
Franklin Electric to Purchase Majority Interest in Impo
March 25, 2011