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 the sale of its Engineered Motor Products Division (“EMPD”) located in Bluffton, Indiana to CapitalWorks, LLC (“CapitalWorks”) an equity firm based in Cleveland, Ohio. Evarts Capital, LLC advised Franklin Electric on the transaction. Terms of the asset sale were not disclosed.
EMPD manufactures and sells fractional horsepower electric motors primarily to original equipment manufacturers (“OEMs”) for specialty applications such as ice cream dispensers, electric hoists, paint mixing machines and food processing applications. EMPD’s revenue represents less than 10% of Franklin Electric’s consolidated sales.