Franklin Electric Co. has announced that it has completed the acquisition of 80 percent of the outstanding shares of İmpo Motor Pompa Sanayi ve Ticaret A.S. (Impo) of Izmir, Turkey. Impo is the leading supplier of ground water pumping equipment in Turkey, and has sales of approximately $28 million per year.
Electric will fund the acquisition with cash, and expects the transaction to be
accretive to its earnings per share in 2011.
Trumbull, chairman and chief executive officer of Franklin Electric, states,
“The Impo acquisition, combined with our current presence in the region, will
provide Franklin Electric with the leading position in the rapidly growing
market for ground water pumping systems in Turkey
and throughout the Middle East. It will also
provide a low-cost manufacturing base for supplying the entire region.”
Franklin Electric Completes Acquisition of Impo
May 25, 2011