FORT WAYNE, Ind. -- Franklin Electric Co., Inc. (Nasdaq:FELE) announced Monday that it has completed two acquisitions in India.
In the first, Franklin Electric has acquired 70 percent of the outstanding stock of Pluga Pumps and Motors Private Limited, based in a newly constructed facility in Vadodara, Gujarat, India. Pluga designs, manufactures, and distributes groundwater motor and pumping equipment through eleven branch offices located throughout India. In the fiscal year completed March 2014, Pluga revenues were approximately INR 745M or about US$ 13 million.
The Company purchased the 70 percent share with cash and is obligated to purchase the remaining 30 percent share in 2017.
Secondly, Franklin Fueling Systems Inc. has acquired 65 percent of the shares of Wadcorpp India Private Limited, based in Mumbai, Maharashtra, India. Wadcorpp operates as a distributor of fueling equipment throughout India from a newly constructed facility based in Pune that is capable of also manufacturing certain Franklin Fueling System products. In the fiscal year completed March 2014, Wadcorpp's revenues were approximately INR 54M or about US$ 1M.
Franklin Fueling Systems purchased the 65 percent share with cash and has the obligation to purchase the remaining 35 percent share as early as 2017.
The Company believes that in aggregate, these transactions will be accretive to 2015 Earnings per Share (EPS).
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels.
Recognized as a technical leader in its specialties, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
For more on Franklin Electric, visit franklin-electric.com.