Franklin Electric (FELE) to Acquire Controlling Interests in Three Distributors
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Franklin Electric Acquires U.S. Groundwater Distribution Companies
April 10, 2017 4:23 PM EDTFORT WAYNE, Ind., April 10, 2017 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that it has reached agreement to acquire controlling interests in three distributors in the U.S. professional groundwater market. Franklin Electric will acquire 2M Company Inc. of Billings, Montana; Western Hydro Holding Corporation of Hayward, California and Drillers Service, Inc. (DSI) of Hickory, North Carolina for approximately $89 million in the aggregate, which includes assumed debt. The 2M and Western Hydro transactions have closed and the Company expects the DSI acquisition to close before the end of the second quarter... More
