Franklin Electric adds US groundwater distributor to Headwater portfolio
Franklin Electric Co Inc has acquired Gicon Pumps & Equipment Inc, a Lubbock, Texas-based groundwater distribution company, in a US$27.9 million cash deal.
Gicon operates seven locations in the state of Texas and has consolidated annual sales of approximately US$68 million.
DeLancey Davis, president of Headwater Companies, Franklin Electric’s wholly-owned Distribution segment, said: “The acquisition of Gicon adds to Headwater’s commitment to the critical groundwater markets, provides geographic expansion in the Texas market and further fulfills our objective of being the leading source for water systems solutions distribution in the US.”
