UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) SEPTEMBER 22, 2005
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FRANKLIN ELECTRIC CO., INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
INDIANA 0-362 35-0827455
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(STATE OR OTHER JURISDICTION OF (COMMISSION (I.R.S. EMPLOYER
INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
400 EAST SPRING STREET
BLUFFTON, INDIANA 46714
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(260) 824-2900
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 8.01 OTHER EVENTS
On September 22, 2005, Franklin Electric Co., Inc. announced that it has
purchased an equity interest in Pioneer Pump, Inc. of Canby, Oregon, together
with options to purchase substantially all of the remaining equity of Pioneer
Pump, Inc. In addition, Franklin Electric acquired certain assets from
Pioneer Pump, Inc. that expand the Company's large centrifugal pump offering.
A copy of the press release issued by the Company in connection with this
announcement is filed as Exhibit 99.1 to this report and is incorporated
herein by reference.
Item 9.01 FINANCIAL STATEMENTS & EXHIBITS
c) Exhibits
99.1 Press Release dated September 22, 2005
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FRANKLIN ELECTRIC CO., INC.
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(Registrant)
Date September 26, 2005 By /s/ Thomas J. Strupp
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Thomas J. Strupp, Vice President,
Chief Financial Officer and
Secretary (Principal Financial
and Accounting Officer)
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Index to Exhibits
Exhibit
Number Description
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99.1 Press Release dated September 22, 2005
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Exhibit 99.1
Press Release
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For Immediate Release For Further Information
Refer to: Thomas J. Strupp
260/824-2900
FRANKLIN ELECTRIC ANNOUNCES AN INVESTMENT IN PIONEER
PUMP, INC. AND EXPANDS PUMP OFFERING
Bluffton, Indiana - September 22, 2005 - Franklin Electric Co., Inc. (NASDAQ:
FELE), the world's largest manufacturer of submersible electric motors and a
global supplier of water pumping systems and fuel pumping systems announced
today that it has purchased an equity interest in Pioneer Pump, Inc. of
Canby, Oregon, together with options to purchase substantially all of the
remaining equity of Pioneer Pump, Inc. In addition, Franklin Electric
acquired certain assets from Pioneer Pump, Inc. that expand the Company's
large centrifugal pump offering. Pioneer is a manufacturer and marketer of a
complete line of centrifugal pumps for the agricultural, industrial, mining
and municipal markets.
R. Scott Trumbull, Chairman and Chief Executive Officer of the Company,
stated: "The investment in Pioneer Pump and certain of its assets will expand
Franklin Electric's product offering to include a line of large centrifugal
pumps. We believe the new product line will be well received by many of our
customers. Under the agreement reached with Pioneer shareholders, Franklin
Electric will introduce a complete line of large centrifugal pumps during the
first quarter of 2006 as part of its Franklin Pump Systems, Inc. ("FPS")
brand pump offering. The Company's 2006 market introduction of large pumps
will also include a complete line of submersible turbine pumps for the
agricultural and municipal water markets."
The Company paid for the Pioneer acquisition out of cash on hand. While the
Company expects the acquisition to be accretive to earnings, given the size
and timing of the transaction, the Company expects that the accretion in 2005
will be approximately one cent per share.
This investment reflects Franklin Electric's commitment to be the leader in
fresh water pumping systems, to increase its profitability and growth through
targeted acquisitions, and to increase overall pump market coverage and
customer base.
Franklin Electric is a global leader in the production and marketing of
groundwater and fuel pumping systems and is a technical leader in submersible
motors, drives, controls, and monitoring devices.
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"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. Any forward looking statements contained herein involve risks and
uncertainties, including but not limited to, general economic and currency
conditions, various conditions specific to the Company's business and industry,
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. These
risks and uncertainties may cause actual results to differ materially from
those indicated by the forward-looking statements.