Franklin Electric designs, manufactures, and distributes water and fuel pumping systems. Its core products are submersible motors, pumps, electronic controls, and related equipment sold to residential, agricultural, municipal, and industrial customers. Franklin operates three segments: Water Systems (~60% of revenue), Distribution (~33%), and Energy Systems (~14%). Water Systems makes submersible pumps, motors, drives, controls, and water treatment equipment sold globally through specialty distributors and OEMs. Roughly 70-75% of Water Systems revenue is replacement demand, making the segment relatively resilient to housing or agricultural downturns. The Distribution segment operates wholly owned U.S. groundwater distributors — the Headwater Companies — that sell Franklin and third-party products directly to water well contractors, a business built largely through acquisitions. Energy Systems makes fuel pumping equipment, piping, and electronic monitoring systems for gas stations, and has expanded into grid and critical infrastructure monitoring for utilities and data centers. Franklin sells through independent distributors, its Headwater distribution branches, and a direct global sales force. The company's "in region, for region" manufacturing philosophy — with factories in the U.S., Turkey, India, Australia, and Colombia — reduces supply chain risk. Raw materials (steel, copper, aluminum) and labor are the primary costs. Franklin grows through new product launches, geographic expansion in developing markets, and bolt-on M&A, while maintaining 34 consecutive years of dividend increases.