Franklin Electric Co., Inc. is pleased to announce the successful completion of a stock purchase transaction involving shares held within the Patricia Schaefer Settlement Trust, a trust established by the late Patricia Schaefer. The purchase transaction involved the acquisition of 1,200,000 shares of the Company’s common stock at a price equal to $86.78 per share, which was the volume-weighted average price of the stock on NASDAQ for the five trading days preceding today’s closing.
Joe Ruzynski, Chief Executive Officer of Franklin Electric, commented on the transaction, stating, “We were saddened to learn of the passing of Patricia Schaefer, a pillar of her community and the daughter of our founder. As we had the option to repurchase shares, we were pleased to be able to provide a source of liquidity for Ms. Schaefer’s estate to satisfy its tax obligations. This purchase also reflects our confidence in Franklin Electric's strong balance sheet, cash flow generation, our strategic plans, and our future. We are proud to demonstrate our belief in the company's enduring prospects while simultaneously supporting the needs of the Schaefer estate.”
In connection with the purchase transaction, the Company’s Board of Directors approved an increase to the Company’s share repurchase authorization of 1,200,000 shares of common stock, such that after the transaction described herein, the Company will continue to be authorized to repurchase up to an aggregate 1,126,635 shares of its common stock.
