Franklin Electric Co., Inc. (NASDAQ:FELE) has signed a definitive agreement to acquire Barnes de Colombia S.A., a key producer and distributor of industrial and commercial pumps. This acquisition aligns with Franklin Electric’s strategy to strengthen its presence in Latin America. Deal terms were not disclosed.

Based near Bogotá, Barnes de Colombia also operates under the WDM brand in certain regions. The company has two manufacturing facilities and over eight stocking locations in Colombia, as well as assembly facilities in Mexico, Brazil, and Argentina and local warehouses in Guatemala, Panama, Ecuador, Peru, and Chile.

The acquisition strengthens Franklin Electric’s product portfolio and expands its presence in key Latin American markets. Barnes de Colombia’s established operations across the region are expected to accelerate growth while supporting Franklin Electric’s goals of diversification, supply chain resilience, and leveraging an extensive distribution network.

“Barnes’ approximately 400 team members and manufacturing and foundry capabilities will enhance our operating footprint materially and we are excited for these new team members and operations to contribute meaningfully to our growth and success,” commented Joe Ruzynski, CEO of Franklin Electric.

Franklin Electric expects the acquisition to close on or about March 1, 2025. Franklin Electric held cash and cash equivalents of $106.27 million as of September 30, 2024.

Price Action: FELE shares traded lower by 0.04% at $100.82 at last check Friday.

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This article Franklin Electric Expands Latin American Footprint With Barnes de Colombia Acquisition: Details originally appeared on Benzinga.com

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