Franklin Electric Co is an Indiana corporation, founded in 1944 and incorporated in 1946. The Company, together with its subsidiaries, designs, manufactures and distributes water and fuel pumping systems, composed mainly of submersible motors, pumps, electronic controls and related parts and equipment. The Company's business consists of two reporting segments based on the principal end market served: the Water Systems segment and the Fueling Systems segment. Water Systems is engaged in the production and marketing of water pumping systems and is a technical leader in submersible motors, pumps, drives, electronic controls, and monitoring devices. The Fueling Systems segment designs, manufactures and sells pumps, pipe, sumps, fittings, vapor recovery components, electronic controls, monitoring devices and related parts and equipment primarily for use in submersible fueling system applications. The Company's products are sold by its employee sales force and independent manufacturing representatives. It offers normal and customary trade terms to its customers, no significant part of which is of an extended nature. The raw materials used in the manufacture of the company's products are coil and bar steel, stainless steel, copper wire, and aluminum ingot. Many of these raw materials are available from multiple sources in the United States and world markets. The Company's Water Systems and Fueling Systems products and related equipment are sold to specialty distributors and some original equipment manufacturers ("OEMs"), as well as industrial and petroleum equipment distributors and oil and utility companies. The Company's principal competitors in the specialty water products industry are Grundfos Management A/S, Pentair, Inc., and Xylem, Inc & competitors in the petroleum equipment industry are Danaher Corporation and Dover Corporation.