Sale is pending approval by Turkish authorities
Franklin Electric Co. Inc. announced that it has reached a definitive agreement to buy 80% of the outstanding shares of Motor Pompa Sanayi ve Ticaret A.S. (Impo) of Izmir, Turkey. Impo, which has approximately $25 million in annual sales, is a leader in the design, manufacture and sale of groundwater pumping systems in Turkey.
The transaction is subject to the customary approval of regulatory authorities in Turkey and pending that approval, the company expects the transaction to close in the second quarter of 2011.
