Franklin Electric Co. will split its stock two-for-one, the company announced Friday.
Franklin, which has its headquarters in Bluffton but is moving to a new headquarters site in Allen County by this summer, said the split will be effected in the form of a 100 percent stock distribution so that shareholders will receive one additional share of common stock for each outstanding share of common stock held of record on March 4. The additional shares will be distributed on or about March 18. On Friday, the company had 23,632,574 shares of common stock outstanding.
R. Scott Trumbull, chairman and chief executive officer, stated, “We are taking this action in response to our record earnings and stock price performance. We want to make our stock accessible to a broader range of investors and improve its marketability. As we look forward, we believe the long-term growth opportunities for our company are robust and will continue.”
Franklin Electric manufactures and distributes systems and components for the movement of water and automotive fuels. It serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.