Connect With Us

Inside INdiana Business
Subscribe Now Log In
  • Home
  • News
    • Education
    • Health
    • Tech
    • STEM
    • Advanced Manufacturing & Logistics
    • Life Sciences
    • Ag INnovation
    • INPower
  • Videos
  • Big Wigs
    • Submit Big Wigs
  • Events
    • Engage Central Indiana – Indianapolis
    • Engage Northeast Indiana – Fort Wayne
    • Engage West Central Indiana – Terre Haute
    • Engage Greater Lafayette – West Lafayette
    • Engage Northwest Indiana – Valparaiso
    • Engage South Bend – Elkhart
    • Engage Southwest Indiana – Evansville
  • Newsletters
  • Podcasts
  • On-Air
    • TV & Radio Listings
  • Contact
    • About IIB
    • Meet the Team
    • Contact Us
    • Advertise
    • Gift Cards
    • Flagship Stations
    • Gerry’s Message
    • Speaking Engagement Request

Connect With Us

Franklin Electric Acquires Manufacturer, Reports Earnings

Thursday, February 20, 2020 11:58 AM EDT Updated: Thursday, February 20, 2020 02:23 PM EDT
By Wes Mills
Franklin Electric Acquires Manufacturer, Reports Earnings (image courtesy Franklin Electric)

Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting full-year net income of $95.9 million in 2019, compared to $105.5 the previous year. The company has also closed on a deal to acquire the product lines and assets of Tennessee-based CPS Pumps.

The acquisition, which occurred earlier this month, includes CPS’s current manufacturing process in Rossville, Tennessee.

“We will be immediately transitioning the business into Franklin Electric’s business systems and ramping production rates in order to serve our customers for the 2020 season,” said Don Kenney, president of Global Water, a division of Franklin Electric.

The electric pumps and motors manufacturer is also reporting fourth-quarter net income of $19.9 million, compared to $24.3 million during the same period a year ago.

The company says its Q4 operating results were generally in line with its expectations.

“Our revenue was up 1 percent from last year as we benefitted from stronger sales in our Distribution business, our water treatment acquisition and continued strength in Fueling Systems, all of which was offset by the expected decline in our dewatering pump systems sales in the quarter,” said Franklin Electric Chairman and Chief Executive Officer Gregg Sengstack.

Sengstack says his team executed well in a tough end-market environment.

Click here to view the full earnings report.

Story Continues Below

Most Popular Stories

Perspectives

Stop disease comeback stories with vaccinations

Stop disease comeback stories with vaccinations

While Americans typically love a good comeback story, there’s one taking place today that poses a growing – and preventable – threat to our communities and children: Childhood diseases are making a comeback as a result of a continued decline in childhood vaccination rates. ...

Inside INdiana Business

Inside INdiana Business
A division of IBJ Media

1 Monument Circle, Suite 300
Indianapolis, IN 46204

PHONE: (317) 634-6200

FAX: (317) 263-5060

NEWSLETTER@IIBNEWS.COM

  • Home
  • News
  • Videos
  • Gerry Dick
  • Newsletters
  • On-Air
  • Contact

Copyright © 2023 All Rights Reserved Privacy Policy | Terms of Service