Franklin Electric Acquires U.S. Groundwater Distribution Company
FORT WAYNE, Ind., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ:FELE) announced today that on December 31, 2023, its wholly owned subsidiary Headwater Companies, LLC acquired substantially all of the assets of LCA Pump, LLC, a Missouri limited liability company, which operates Water Works Pump. Water Works is a professional groundwater distributor located in Springfield, MO, and will operate as a branch of Headwater Wholesale, LLC, a subsidiary of Headwater Companies.
DeLancey Davis, President of Headwater Companies, commented:
"We are excited to welcome Water Works to the Headwater Wholesale family. With over three decades of dedicated service to the pump industry and water resource markets, Water Works has earned a stellar reputation for delivering high-quality service. The addition of Water Works aligns with Headwater's dedication to extending its reach, ensuring exceptional service, and reinforcing support for contractors and drillers in the Midwest. This strategic move marks Headwater's inaugural venture into the Missouri market, aligning with our overarching goal of becoming the leading distributor of water systems solutions in the United States."
Headwater Companies, LLC is a collection of leading distributors focused on groundwater, wastewater, water treatment and other products and services in water equipment markets. It delivers quality products and leading brands to the industry, providing contractors with the availability and service they demand to meet their application challenges.
About Franklin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek's lists of America's Most Responsible Companies and Most Trustworthy Companies for 2023 and America's Climate Leaders 2023 by USA Today.
"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, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company's accounting policies, future trends, epidemics and pandemics, 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 December 31, 2022, 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.
CONTACT: Sandy Statzer Franklin Electric Co., Inc. [email protected]
