BLUFFTON, Ind., March 24, 2011 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (Nasdaq:FELE) announced today it has reached a definitive agreement to buy eighty percent of the outstanding shares of İmpo Motor Pompa Sanayi ve Ticaret A.S. (Impo) of Izmir, Turkey. Impo, which has approximately $25 million in annual sales, is a leader in the design, manufacture and sale of groundwater pumping systems in Turkey.
The transaction is subject to the customary approval of regulatory authorities in Turkey and pending that approval, the Company expects the transaction to close in the second quarter of 2011.
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Recognized as a technical leader in its specialties, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to the Company's financial results, 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, technology factors, litigation, government and regulatory actions, the Company's accounting policies, future trends, 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 January 1, 2011, 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.