BLUFFTON, Ind., Aug. 4, 2011 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (Nasdaq:FELE) announced today that it intends to relocate its Global Corporate Headquarters and Engineering Center of Excellence to a new facility located in the Fort Wayne, Indiana, metropolitan area.
After considering locations in other states, the Company's Board of Directors has approved a preliminary plan to construct a new facility of approximately 110,000 square feet in Allen County, Indiana. The Company intends to purchase approximately 100 acres of land in the 9300 block of Coverdale Road subject to final approval of the sale by the Fort Wayne - Allen County Airport Authority. The new facility will initially employ approximately 225 persons who currently work at Franklin Electric's leased space in Bluffton, Indiana. The Company expects to occupy the new facility in the first half of 2013.
Franklin Electric has engaged Turner Construction Company Inc. of Indianapolis, Indiana, to act as Owner's representative and construction manager. It has also retained MSKTD & Associates Inc. of Fort Wayne, Indiana, as the project architects and engineers.
Additionally, Franklin Electric has worked with the City of Fort Wayne, Allen County, and the State of Indiana to secure economic incentives worth up to approximately $3.3 million. The Company also continues to work with Allen County to secure an additional incentive in the form of tax increment financing (TIF).
Scott Trumbull, Chairman and Chief Executive Officer, stated:
"Although Bluffton and Wells County have been a wonderful home for Franklin Electric since our founding, the current facilities that we lease are increasingly inadequate for the growing needs of our company, especially with respect to the engineering laboratory that is used for our global product development and testing. At the request of our board, we evaluated five locations in three other states, and in the end we concluded that locating our headquarters and engineering center in the Fort Wayne area makes the most long term sense for our employees and shareholders. We appreciate the effort of officials in Fort Wayne, Allen County, the State of Indiana and the Fort Wayne – Allen County Economic Development Alliance to help retain Franklin Electric in northeast Indiana.
We look forward to continuing the work with Allen County and other public entities to gain the remaining approvals needed to make this vision a reality."
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 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, raw material costs, 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.