Pioneer manufactures large, engine-driven centrifugal pumps used for dewatering in oil and gas, municipal, construction and mining applications. The pump group had consolidated net sales of approximately US$70 million in 2011.
Franklin Electric now has a 70% equity interest in PPH, having acquired a 35% stake in PPI in 2005. The company has agreed to buy the remaining minority shares of PPH in the first quarter of 2015.
Scott Trumbull, Franklin Electric chairman and chief executive, said: “The acquisition of the controlling interest in Pioneer furthers Franklin’s strategy of expanding sales of packaged systems products which are differentiated by technology and offer the opportunity to generate higher revenue per installation. Pioneer’s presence in the oil and gas market will also compliment Franklin’s initiative to introduce submersible pumping systems in this market. Going forward, we believe that Franklin’s global capabilities will accelerate Pioneer’s efforts to develop new and improved products, reduce costs, and expand in international markets.”