WINNIPEG, Sept. 5 /CNW/ - Monarch Industries Limited ("Monarch"), a
long-established Canadian manufacturer of centrifugal pumps, hydraulic
cylinders, iron castings and cement mixers, announced today the sale of its
Pump Division to Franklin Electric Co., Inc. ("Franklin Electric") (NASDAQ:
FELE). The Pump Division represents approximately 30% of Monarch's total
Gene Dunn, President & CEO of Monarch stated, "This transaction
represents an exciting opportunity for our Pump Division and its employees.
Equally as important, this step will provide the resources and focus necessary
for us to accelerate the expansion and modernization of our Hydraulics and
Custom Casting & Machining Divisions."
R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin
Electric, stated, "The Monarch acquisition is an excellent strategic fit for
Franklin. It will incrementally expand both our product line and distribution
coverage in the North American market."
The sale is an asset transaction and is effective immediately. Monarch
will continue to provide manufacturing services for Franklin Electric for the
next 12 to 16 months to complete the transition of the business to Franklin
Electric. Certain Pump Division employees, notably those engaged in Sales,
Marketing and Engineering, will be offered employment with Franklin Electric
commencing immediately and all other employees of the Division will be
retained by Monarch to support the Company's ongoing business.
Monarch, established in 1935, operates plants in Winnipeg and Winkler,
Manitoba. The Company will continue to manufacture and market hydraulic
cylinders; raw and machined iron castings and residential cement mixers across
North America under the trade names "Monarch"; "Lion Hydraulics", "Big Cat"
and "Black Lynx".
Franklin Electric is 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 serves customers
around the world in residential, commercial, agricultural, industrial,
municipal, and fueling applications.
For further information:
For further information: Monarch Industries Limited, Gene Dunn,
President & CEO, Email: email@example.com, (204) 786-7921 ext 252