Franklin Electric to acquire Colombian manufacturer
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Fort Wayne-based Franklin Electric Co. Inc. has announced plans to acquire Barnes de Colombia S.A., a manufacturer and distributor of industrial and commercial pumps. Financial terms of the deal were not disclosed.
Headquartered near Bogotá, Colombia, Barnes de Colombia employs some 400 people and operates two manufacturing facilities and eight stocking locations in its home country, as well as assembly facilities in Mexico, Brazil, and Argentina. The company also has local warehouses in Guatemala, Panama, Ecuador, Peru and Chile.
Franklin Electric manufactures systems and components, including motors and pumps, designed for the movement of water and energy for residential, commercial, agricultural, industrial, municipal, and fueling applications.
CEO Joe Ruzynski said the acquisition is a key move for Franklin Electric.
“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,” he said. “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.”
It was not clear if any jobs would be negatively affected by the acquisition. Franklin Electric did not respond to a request for more information from Inside INdiana Business.
The acquisition is expected to close on March 1, pending regulatory approvals and customary closing conditions.