Franklin Water Treatment Acquires Assets of Action Manufacturing & Supply, Inc.

Rhea-AI Summary

Franklin Electric Co., Inc. (NASDAQ: FELE) has announced the acquisition of the assets of Action Manufacturing & Supply, Inc. by its subsidiary, Franklin Water Treatment, LLC. Action Manufacturing & Supply is a manufacturer and wholesale distributor of residential water conditioning, filtration, and indoor/outdoor aeration systems. The acquired business will be reported in the company’s Water Systems business segment. Franklin Water Treatment aims to expand its channels and products in key geographic areas for water treatment. The acquisition aligns with Franklin’s customer-driven approach to its businesses.

FORT WAYNE, Ind., Dec. 04, 2023 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its wholly owned subsidiary, Franklin Water Treatment, LLC, has acquired the assets of Action Manufacturing & Supply, Inc., a manufacturer and wholesale distributor of residential water conditioning, filtration, and indoor/outdoor aeration systems since 1980 with operations in Florida and North Carolina. The operating results of the acquired business will be reported in the company’s Water Systems business segment.

Don Line, President of Franklin Water Treatment commented: “We are excited to incorporate the business of Action Manufacturing & Supply into our existing business as we continue to strengthen and expand our channels and products in key geographic areas for water treatment. Action’s commitment to quality and reputation for service excellence aligns with Franklin’s customer-driven approach to our businesses.”

Franklin Water Treatment, LLC provides products, services, and system solutions for residential, commercial, and industrial point of use and point of entry water treatment products, in a wide variety of markets and applications.

About Franklin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

"Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

FAQ

What is the latest acquisition announced by Franklin Electric Co., Inc. (NASDAQ: FELE)?

The latest acquisition announced by Franklin Electric Co., Inc. (NASDAQ: FELE) is the acquisition of the assets of Action Manufacturing & Supply, Inc. by its subsidiary, Franklin Water Treatment, LLC.

What does Action Manufacturing & Supply, Inc. specialize in?

Action Manufacturing & Supply, Inc. specializes in residential water conditioning, filtration, and indoor/outdoor aeration systems.

What business segment will the operating results of the acquired business be reported in?

The operating results of the acquired business will be reported in Franklin Electric Co., Inc.'s Water Systems business segment.

What are the key geographic areas targeted for expansion by Franklin Water Treatment, LLC?

Franklin Water Treatment, LLC aims to expand its channels and products in key geographic areas for water treatment.

What type of products and solutions does Franklin Water Treatment, LLC provide?

Franklin Water Treatment, LLC provides products, services, and system solutions for residential, commercial, and industrial point of use and point of entry water treatment products in various markets and applications.