The Gorman-Rupp Co has entered right into a definitive agreement to accumulate the belongings of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite provides liquid switch pumps as well as a line of mechanical and digital meters, precision weights and measures, licensed meters, hand pumps, hoses, nozzles and equipment.
With amenities in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual revenue of approximately US$140 million.
The Fill-Rite and Sotera manufacturers strategically expand Gorman-Rupp’s place in agriculture, development and recreation markets.
“We are extraordinarily excited to welcome Fill-Rite’s spectacular portfolio of mission-critical pumps and its excellent team of employees to the Gorman-Rupp family,” mentioned Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we anticipate our revenues to succeed in over US$500 million yearly – a big milestone.”
“I first discovered about Gorman-Rupp once I was in high school,” stated Jay Tuthill, chairman of Tuthill Corp. “That was the summer time of 1969 and I was being given a crash course on ‘Who’s Who in the Pump Business’. Now, greater than half a century later, I am thrilled to see Tuthill’s Fill-Rite enterprise shifting into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition standards focused on pumps and pumping solutions.
“We are happy to have discovered a associate that represents a superb strategic fit for both firms, bringing together two pioneering circulate management businesses with over 150 years of combined expertise working as market-leaders,” said Jeff Gorman, executive chairman of Gorman-Rupp’s board of administrators. “ pressure gauge into Gorman-Rupp’s general strategic plan to search out well-suited alternatives for enlargement and innovation.”
Fill-Rite’s management staff will continue to guide the enterprise as a new division of Gorman-Rupp.
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