MADISON, Wis., Sept. 7, 2010 (GLOBE NEWSWIRE) -- Franklin Fueling Systems, one of the world's leading manufacturers and suppliers of petroleum equipment, announced today that it has completed the acquisition of all of the outstanding shares of PetroTechnik Limited ("PetroTechnik") for cash.
PetroTechnik is the supplier of Universal Petro Pipe (UPP) and polyethylene containment, piping and tightness testing systems for the underground storage and transfer of flammable liquids. PetroTechnik also manufactures and distributes Cookson and Zinn (C & Z) above and below ground storage tanks and pressure vessels. PetroTechnik's consolidated annual sales are approximately 25 million pounds sterling.
Don Kenney, President of Franklin Fueling Systems, stated, "The acquisition of PetroTechnik and its subsidiaries in the UK, France, Brazil, India and China, doubles Franklin Fueling's global pipe and containment sales, doubles our revenue in Europe and increases our overall non-U.S. sales by fifty percent.
"Franklin Fueling Systems is now able to supply customers globally with both the UPP brand electrofusion pipe certified to European (EN) standards, as well as the market leading APT brand flexible pipe certified to U.S. (UL) standards. Electrofusion pipe is the preferred technology outside the U.S.
"PetroTechnik's existing distribution network reaches over 100 countries including many in emerging markets around the world which provides Franklin international distribution for its other industry leading petroleum equipment products including pumping systems, fuel management systems, and vapor recovery systems. Franklin also gains a proven team of industry leading sales, marketing and technical personnel recognized as the global leaders in electrofusion piping products, with an estimated ten million meters of pipe installed in over 30,000 sites across more than 150 countries.
"PetroTechnik, founded in the early 1990s, has built its reputation on the same principles as Franklin: quality, availability, service and innovation, as well as a strong sense of responsibility to provide the highest value to its customers. PetroTechnik's worldwide customer base is supported by sales representatives and employees located around the world."
Kenney concluded, "We are pleased that PetroTechnik has the confidence in Franklin to continue its shared vision of commitment to its customers. John Boudry, Chief Executive Officer of PetroTechnik, will provide consulting services throughout the integration."
Mr. Boudry added, "This union is a wonderful step forward for the entire industry as a whole. I think it speaks to the globalization of the industry when two companies from different regions of the world come together in order to provide their customers with as broad a product offering as possible. Both customer bases will greatly benefit from this acquisition, which will also provide vast growth potential for two industry leading lines of pipe."
Franklin Fueling Systems is a wholly owned subsidiary of Franklin Electric Co., Inc. (Nasdaq:FELE), 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 water 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, 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 2, 2010, 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: Franklin Electric Co., Inc. John J. Haines 260-824-2900