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.
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