Franklin Electric Acquires First Sales
Franklin Electric is headquartered in Fort Wayne.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) says it is expanding its business with the just-completed acquisition of Churubusco-based First Sales LLC, an Indiana manufacturer of water treatment and filtration equipment for the residential and commercial markets. Financial terms of the deal were not disclosed.
Franklin Electric manufactures a variety of pumps, motors and other components to move water and fuel for multiple sectors, such as agricultural, industrial, municipal and residential systems.
“These (First Sales) products are sold through some of the same channels as Franklin’s existing products and we look forward to continuing to serve First Sales’ customers,” said Don Kenney, President of Franklin’s North America water systems business unit.
Franklin Electric says First Sales’ operating results will be reported in the Water Systems segment beginning in the third quarter of 2019. In fiscal year 2018, First Sales had annual sales of approximately $14 million.
Last month, Franklin reported record second quarter sales and earnings. Sales came in at $355 million, compared to $344 million in the same period last year. Net income was reported at $32.7 million, compared to $ 30.5 million in Q2 of 2018.
Franklin Electric’s Chairman and Chief Executive Officer Gregg Sengstack acknowledged a wet spring during the first half of the year affected the company’s sales of groundwater products.
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