FORT WAYNE, Ind. (June 9, 2014) — Franklin Electric Co. Inc. announced that it has acquired Bombas Leão S.A., based in Monte Azul Paulista, Sao Paulo, Brazil. Bombas Leão designs, manufactures and distributes submersible groundwater pumping equipment through manufacturing facilities in Monte Azul Paulista, Teresina and a distribution facility in Recife. In 2013, Bombas Leão net revenues were approximately $30 million.
The company believes the transaction will be accretive to 2014 earnings per share (EPS).
“Brazil is one of the largest ground water pumping markets in the world and a cornerstone of our developing markets growth strategy,” said Gregg Sengstack, Franklin Electric CEO. “Over the years, the Franklin brand was established in the country principally through the importation of our submersible motors by pump companies.
“In 2008, we acquired Motobombas Schneider, located in Joinville, Brazil, a leading residential pumping systems company with an extensive distribution network. Since acquisition, Franklin (Schneider) Motobombas sales have doubled, and, this month, we are opening a new factory and training center to support the continued growth of this business.”
Bombas Leão supplies groundwater pumps principally used in agriculture, industrial and municipal applications.
Franklin Electric produces and markets systems and components for the movement of water and automotive fuels. Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal and fueling applications.