Franklin Electric has reached an agreement to acquire a Colombian pump manufacturer and distributor, company officials announced.
The Indiana-based pumps, motors and drives supplier said that the addition of Barnes de Colombia S.A. would help provide “significant” expansion opportunities in Latin America, as well as support its diversification and long-term growth plans.
Barnes de Colombia, which also operates under the WDM brand in the U.S. and other countries, has two manufacturing facilities in Colombia and stocking, assembly and warehouse locations across Latin America.
“This acquisition not only strengthens our presence in the high-growth Latin American markets but also enhances our ability to serve our customers with an expanded portfolio of innovative and high-quality products,” Franklin Electric CEO Joe Ruzynski said in the announcement. “Barnes’ approximately 400 team members and manufacturing and foundry capabilities will enhance our operating footprint materially and we are excited for these new team members and operations to contribute meaningfully to our growth and success."
Franklin Electric expects the acquisition to close “on or about” March 1, subject to approval from Colombian antitrust regulators and other customary conditions. Additional terms, including financial details, were not disclosed.
