Business Description
The Company’s water pumping systems move fresh and waste water for the
housing, agriculture, and other industrial end markets. With a growing global
footprint, the Company has also evolved into being a top supplier of submersible
fueling systems at gas stations, making pumps, pipes, electronic controls, and
monitoring devices. Fuel pumping systems account for the balance of the Company’s
revenues.
The Companys products are sold worldwide by its employee sales force and independent
manufacturing representatives. The Company offers normal and customary trade
terms to its customers, no significant part of which is of an extended nature.
Special inventory requirements are not necessary, and customer merchandise return
rights do not extend beyond normal warranty provisions.
The Companys business consists of two reporting segments based on the principal
end market served: the Water Systems segment and the Fueling Systems segment.
The Company includes unallocated corporate expenses in an “Other”
segment that, together with the Water Systems and Fueling Systems segments,
represent the Company.
The market for the Companys products is highly competitive and includes diversified
accounts by size and type. The Companys 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 major oil and utility companies.
Water Systems motors and pumps are used principally for pumping clean water
and wastewater in a variety of residential, agricultural, and industrial applications.
Water Systems also manufactures electronic drives and controls for the motors
which control functionality and provide protection from various hazards, such
as electric surges, over-heating, or dry wells or tanks.
Fueling Systems products are sold in highly competitive markets. Rising car
use is leading to more investment in gas stations which, in turn, leads to increased
demand for the Company’s Fueling Systems products. The Company believes
there is growth opportunity in developing markets and, accordingly, acquired
an investment in India in 2014. Fueling Systems competes in each of its targeted
markets based on product design, quality of products and services, performance,
availability, and price. The Companys principal competitors in the petroleum
equipment industry are Danaher Corporation and Dover Corporation.
0.16% 
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