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) JANUARY 13, 2004
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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 OR ORGANIZATION) 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)
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Item 5. Other Events
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Franklin Electric Co., Inc., an Indiana corporation (the "Registrant")
announced today its plans to consolidate the submersible turbine pump
operations of FE Petro, Inc. and the service station hardware and flexible
piping operations of EBW, Inc. and Advanced Polymer Technology, Inc.
The information contained in the Registrant's press release dated January 13,
2004, with respect to the consolidation is included in Exhibit 99 to this Form
8-K and is incorporated herein by reference.
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 January 14, 2004 By /s/ Gregg C. Sengstack
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Gregg C. Sengstack, Senior Vice
President, Chief Financial
Officer and Secretary (Principal
Financial and Accounting Officer)
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Exhibit Index
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EXHIBIT NO. (99) Press release, dated January 14, 2004 issued by Franklin
Electric Co., Inc.
EXHIBIT 99
ADDITIONAL EXHIBITS
Press Release
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For Immediate Release For Further Information
Refer to Gregg C. Sengstack
260/824-2900
FRANKLIN ELECTRIC ANNOUNCES PLANT CONSOLIDATION PLAN
Bluffton, IN - January 13, 2004 - Franklin Electric Co., Inc. (NASDAQ symbol:
FELE), announced today its plans to consolidate the submersible turbine pump
operations of FE Petro, Inc. currently located in the Madison, Wisconsin area,
and the service station hardware and flexible piping operations of EBW, Inc.
and Advanced Polymer Technology, Inc. currently located in Muskegon, Michigan
into a new leased facility in Madison, Wisconsin.
Ninety-four employees at the Muskegon facilities will be affected by the
consolidation. Workforce reductions are anticipated to begin in May with the
consolidation completed by July, 2004.
The cost of the consolidation is included in the previously disclosed cost
estimate for the multi-year global manufacturing re-alignment of the Company
totaling approximately $10 million pre-tax. Based on current plans, more than
half of these incremental costs will be recognized, as incurred, in the last
three quarters of 2004 with the balance expected to be recognized, as
incurred, in the first three quarters of 2005.
Scott Trumbull, Chairman and CEO of Franklin Electric said "With the
strengthening sales, substantial improvement in margins and integration of
INCON completed, we believe that the move into this new facility is
appropriate. In addition to the advantages of improving customer service
levels, increasing efficiencies, enhancing product development effectiveness
and reducing overhead costs; the new fueling systems facility will provide a
unique opportunity for end users, distributors and contractors to receive
state-of-the-art training and technical assistance for the petroleum
industry's broadest range of underground fueling systems products."
Franklin Electric, a technical leader in electric motors, drives and controls,
is the world's largest manufacturer of submersible water and fueling systems
motors, a manufacturer of underground fueling systems hardware and flexible
piping systems and a leader in engineered industrial motor products.
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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, supply constraints, technology factors,
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.
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