Franklin Electric Aquires Etech Vertical Borehole Pumps
Franklin Electric Co., Inc.,the world's largest manufacturer of submersible electric motors and a leading supplier of water pumping and fuel pumping systems, announced that it has completed the acquisition of seventy-five percent of the outstanding shares of Vertical S.p.A. ("Vertical"), for cash.
Vertical specializes in the design, development and manufacture of pressed and welded stainless steel 'E-Tech' pumps and pump components.
R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated. "Vertical has world class stainless steel fabrication and design capabilities. Franklin has a strong global water systems distribution network and can now partner with Vertical to address the growing worldwide demand for stainless steel water pumps. In anticipation of this investment, Franklin has already initiated projects in the Americas and Asia to introduce stainless steel pumps produced by Vertical. In Europe, Vertical will continue to supply components to its pump original equipment manufacturer customer base, many of whom are already valued customers of Franklin Electric. Of course we are pleased that Flavio Rigon, Vertical's current Managing Director, and Davide Perin, Vertical's current Director of Sales and Marketing, will continue to lead the Company in partnership with Franklin's European management team."
...we're a little sorry to see our friends losing their independence – but it's great to see that the company is in good hands : we don't expect the respected 'E-Tech' brand name to disappear in the short term.
Franklin Electric Co., Inc.,the world's largest Read more...