Page 1

Exhibit 99.1 FOR IMMEDIATE RELEASE FRANKLIN ELECTRIC COMPLETES ACQUISITION OF NEW AQUA , LLC • Provides FE with Water Treatment scale , brand strength , geographic presence , and greater access to critical water quality dealer channel . • • • • Expands Water Treatment product portfolio of both residential and commercial offerings and enhances competitive position in a highly fragmented end market . Creates a new FE growth platform that can leverage product development , operational and supply chain efficiencies , and potential for geographic expansion . Total consideration of $ 150 million . Anticipated to be accretive to 2021 earnings per share ( EPS ) . Fort Wayne , IN - May 17 , 2021 - Franklin Electric Co. , Inc. ( NASDAQ : FELE ) announced today that it has acquired New Aqua , LLC and its wholly owned subsidiaries , headquartered in Indianapolis , Indiana in an all - cash transaction valued at $ 150 million , subject to customary adjustments . The transaction is expected to be accretive to earnings per share ( EPS ) in 2021 in the range of $ 0.04 to $ 0.06 per share . As a result , the Company has revised its full year 2021 earnings per share before restructuring expenses guidance to be in the range from $ 2.85 to $ 3.05 . New Aqua is a market leading water treatment business with more than 60 years of proven market success driven by more than 230 employees and 590 independent water quality dealers within the United States . The business currently operates under the brand names Aqua Systems and Hellenbrand to manufacture and provide services for a complete line of residential and commercial water treatment and drinking water equipment . New Aqua's consolidated annual sales in 2020 were approximately $ 68 million , with EBITDA ( a ) margins of about 17 percent . " With this acquisition , Franklin Electric solidifies itself as a leader within the residential and light commercial water treatment space , focused on the wholesale and water quality dealer channels . We look forward to working with our suppliers , wholesale distribution partners and water quality dealers to offer high quality products and services , while also expanding Franklin Electric's product offerings and reach as a provider of water systems solutions , " commented Gregg Sengstack , Chairperson and Chief Executive Officer of Franklin Electric . Don Kenney , President of Franklin Electric's Water Systems segment , said , “ We are continuing to invest in prominent water treatment assets as a strategic adjacency to our leading ground water pumping position across the globe . We are pleased to add Aqua Systems ' strong brand to our water treatment businesses , which now operate under the Aqua Systems , Hellenbrand , Sterling , Avid , Puronics , and Waterite brands . Aqua Systems and Hellenbrand both have rich histories as leading providers of premium residential and commercial water treatment systems , and the acquisition will expand our channel , product , and geographic offerings in the United States . I would like to welcome Aqua Systems and Hellenbrand to the Franklin Electric family . " John Ackerman , former majority owner of Aqua Systems , will continue to serve as an advisor to Franklin Electric during the transition . The current management team of Aqua Systems , including its Chief Executive Officer , Don Line , will remain with the company .