You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Sony forecasts $2 billion loss, cites weak mobile
     TOKYO – Sony expects its annual loss to swell to more than $2 billion after writing down the value of its troubled mobile business as phone sales were battered by brutal competition.
  • Billionaire’s house arrest sends stocks crashing
      MOSCOW – The arrest of a Russian billionaire has sent shares in his holding company into a tailspin.
  • 2 firms to expand, add jobs
    A pair of companies will look to improve their operations with an investment of nearly $3 million combined, according to tax abatement ­requests filed last week with the city.
Advertisement

Franklin Electric holds annual meeting

Scott Trumbull today presided over his last Franklin Electric Co. Inc. shareholder meeting as CEO of the Fort Wayne company.

Trumbull, who vacates that office at the end of business today, will continue as chairman of the board. Gregg Sengstack, president and chief operating officer, will succeed Trumbull as CEO.

About 75 people, including many current and former employees, attended the 40-minute meeting at the manufacturer’s new headquarters near Fort Wayne International Airport.

Franklin Electric designs and makes submersible motors and pumping systems used to move water and fuel. Customers include homeowners, municipalities and companies in commercial, agricultural and other industries worldwide.

The company on Tuesday reported first-quarter earnings of $17 million, or 35 cents a diluted common share, a 10 percent increase from the $15.5 million, or 32 cents a share, posted for the same three-month period in 2013.

For more on this story, see Saturday’s print edition of The Journal Gazette or visit www.journalgazette.net after 3 a.m. Saturday.

sslater@jg.net

Advertisement