Franklin Electric buys three groundwater distribution companies for $89M

|About: Franklin Electric Co., Inc. (FELE)|By:, SA News Editor

Franklin Electric (NASDAQ:FELE) agrees to acquire controlling interests in three distributors in the U.S. professional groundwater market for a combined $89M, including debt.

FELE is buying 2M Company of Billings, Mont., Western Hydro Holding of Hayward, Calif., and Drillers Service. of Hickory, N.C.

FELE expects the new businesses will total $275M in 2017 annual sales and neutral to FY 2017 adjusted EPS guidance of $1.77-$1.87, but should add $0.12-$0.14 to 2018 adjusted EPS.