Franklin Electric Buys Canadian Water Treatment Company
Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) has acquired Waterite, Inc and its affiliate Waterite America. Franklin Electric says it was an all cash transaction, but the financial details were not disclosed.
Franklin Electric says Waterite makes residential and commercial water treatment products, with consolidated sales at approximately $22 million. Franklin Electric President of global water systems, Don Kenney, says the company identified water treatment as an adjacency to its ground water pumping position.
“We are pleased to add Waterite to our water treatment businesses. Waterite has served the Canadian water treatment market and their customers for almost 40 years with innovative products and best in class customer service and support and has recently entered the United States market as well. We are confident we can leverage their expertise to grow our water treatment capabilities in both Canada and the United States.”
This is the third acquisition for Franklin since August 2019, after acquiring First Sales LLC and CPS Pumps.