EX-99.1
2
exhibit99_1.htm
EXHIBIT 99.1
Exhibit 99.1
Exhibit
99.1
Press
Release
For
Immediate Release
For
Further Information
Refer
to:
Thomas J. Strupp
260.
824.
2900
www.franklin-electric.com
FRANKLIN
ELECTRIC ANNOUNCES CLOSING OF THE PURCHASE OF THE LITTLE GIANT PUMP
COMPANY
Bluffton,
Indiana -April 21, 2006
--
Franklin Electric Co., Inc. (NASDAQ: FELE), the world's largest manufacturer of
submersible electric motors and a global supplier of water pumping systems
and
fuel pumping systems announced today that it has completed its acquisition
of
Little Giant Pump Company in a stock purchase transaction. Little Giant,
previously a wholly owned subsidiary of Tecumseh Products Company, is a leading
worldwide provider of commercial and consumer water transfer solutions.
The
purchase price of $121 million excludes associated tax benefits and transaction
costs and is subject to a post-closing working capital adjustment. Franklin
Electric expects the transaction to be accretive to its earnings per share
in
the first year of ownership.
R.
Scott
Trumbull, Chairman and Chief Executive Officer of Franklin Electric, stated,
"The acquisition of Little Giant Pump Company will solidify Franklin Electric's
position as a global supplier of pumping equipment for residential and
commercial markets. Little Giant's product lines - sump, sewage, effluent,
condensate and industrial submersible pumps - will complement and broaden our
overall pump offering and allow us to expand our customer base".
Norman
Heidebrecht, President of Little Giant, said, "Our efforts are focused toward a
seamless transition, while maintaining unsurpassed quality and delivery along
with world-class customer service. This acquisition will provide great
opportunities to enhance current product offerings by uniting both companies'
marketing and technical expertise. We look forward to an exciting future of
mutually beneficial growth and continued success".
Todd
Herrick, CEO of Tecumseh Products, said, "Little Giant has been highly
successful during Tecumseh Products Company's ownership, having grown from $10
million in sales to over $100 million. As the pump industry consolidates, the
combination with Franklin Electric will provide additional opportunities for
the
business to grow and flourish".
About
Franklin Electric
Franklin
Electric is a global leader in the production and marketing of water and fuel
pumping systems and is a technical leader in submersible motors, drives,
controls, and monitoring devices.
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5
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About
Little Giant Pump Company
Little
Giant is the leading worldwide provider of commercial and consumer water
transfer solutions. Little Giant pumps are used in a broad range of commercial
and consumer applications including: plumbing / wastewater, heating, ventilating
and cooling ("HVAC"), water gardening, swimming pool and aquarium maintenance,
decorative fountains and industrial and OEM water transfer applications.
About
Tecumseh Products Company
Tecumseh
Products Company is a full-line independent global manufacturer of hermetic
compressors for residential and commercial refrigerators, freezers, water
coolers, dehumidifiers, window air conditioning units and residential and
commercial central system air conditioners and heat pumps; gasoline engines
and
power train for lawn mowers, lawn and garden tractors, garden tillers, string
trimmers, snow throwers,
industrial and agricultural applications and recreational vehicles; electric
motors and components, including AC and DC motors, blowers, gear motors and
linear actuators for a wide variety of industrial and consumer applications
across a broad range of industries; and centrifugal pumps for industrial,
commercial, marine and agricultural applications.
########
"Safe
Harbor" Statement under the Private Securities Litigation Reform Act of 1995.
Any
forward looking statements contained herein involve risks and uncertainties,
including but not limited to, general economic and currency conditions, various
conditions specific to the Company's business and industry, 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. These risks and
uncertainties may cause actual results to differ materially from those indicated
by the forward-looking statements.
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6
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EX - 99 . 1 2 exhibit99 _ 1 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 Exhibit 99 . 1 Press Release For Immediate Release For Further Information Refer to : Thomas J . Strupp 260 . 824 . 2900 www.franklin-electric.com FRANKLIN ELECTRIC ANNOUNCES CLOSING OF THE PURCHASE OF THE LITTLE GIANT PUMP COMPANY Bluffton , Indiana - April 21 , 2006 -- Franklin Electric Co . , Inc . ( NASDAQ : FELE ) , the world 's largest manufacturer of submersible electric motors and a global supplier of water pumping systems and fuel pumping systems announced today that it has completed its acquisition of Little Giant Pump Company in a stock purchase transaction . Little Giant , previously a wholly owned subsidiary of Tecumseh Products Company , is a leading worldwide provider of commercial and consumer water transfer solutions . The purchase price of $ 121 million excludes associated tax benefits and transaction costs and is subject to a post - closing working capital adjustment . Franklin Electric expects the transaction to be accretive to its earnings per share in the first year of ownership . R . Scott Trumbull , Chairman and Chief Executive Officer of Franklin Electric , stated , " The acquisition of Little Giant Pump Company will solidify Franklin Electric 's position as a global supplier of pumping equipment for residential and commercial markets . Little Giant 's product lines - sump , sewage , effluent , condensate and industrial submersible pumps - will complement and broaden our overall pump offering and allow us to expand our customer base " . Norman Heidebrecht , President of Little Giant , said , " Our efforts are focused toward a seamless transition , while maintaining unsurpassed quality and delivery along with world - class customer service . This acquisition will provide great opportunities to enhance current product offerings by uniting both companies ' marketing and technical expertise . We look forward to an exciting future of mutually beneficial growth and continued success " . Todd Herrick , CEO of Tecumseh Products , said , " Little Giant has been highly successful during Tecumseh Products Company 's ownership , having grown from $ 10 million in sales to over $ 100 million . As the pump industry consolidates , the combination with Franklin Electric will provide additional opportunities for the business to grow and flourish " . About Franklin Electric Franklin Electric is a global leader in the production and marketing of water and fuel pumping systems and is a technical leader in submersible motors , drives , controls , and monitoring devices . - 5 - About Little Giant Pump Company Little Giant is the leading worldwide provider of commercial and consumer water transfer solutions . Little Giant pumps are used in a broad range of commercial and consumer applications including : plumbing / wastewater , heating , ventilating and cooling ( " HVAC " ) , water gardening , swimming pool and aquarium maintenance , decorative fountains and industrial and OEM water transfer applications . About Tecumseh Products Company Tecumseh Products Company is a full - line independent global manufacturer of hermetic compressors for residential and commercial refrigerators , freezers , water coolers , dehumidifiers , window air conditioning units and residential and commercial central system air conditioners and heat pumps ; gasoline engines and power train for lawn mowers , lawn and garden tractors , garden tillers , string trimmers , snow throwers , industrial and agricultural applications and recreational vehicles ; electric motors and components , including AC and DC motors , blowers , gear motors and linear actuators for a wide variety of industrial and consumer applications across a broad range of industries ; and centrifugal pumps for industrial , commercial , marine and agricultural applications . # # # # # # # # " Safe Harbor " Statement under the Private Securities Litigation Reform Act of 1995 . Any forward looking statements contained herein involve risks and uncertainties , including but not limited to , general economic and currency conditions , various conditions specific to the Company 's business and industry , 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 . These risks and uncertainties may cause actual results to differ materially from those indicated by the forward - looking statements . - 6 -