The Gorman-Rupp Co has entered right into a definitive agreement to acquire the assets of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite provides liquid transfer pumps in addition to a line of mechanical and digital meters, precision weights and measures, licensed meters, hand pumps, hoses, nozzles and equipment.
With facilities in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual income of roughly US$140 million.
The Fill-Rite and Sotera brands strategically increase Gorman-Rupp’s place in agriculture, construction and recreation markets.
“ pressure gauge ลม are extraordinarily excited to welcome Fill-Rite’s spectacular portfolio of mission-critical pumps and its outstanding group of workers to the Gorman-Rupp family,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we count on our revenues to reach over US$500 million annually – a significant milestone.”
“I first realized about Gorman-Rupp once I was in high school,” stated Jay Tuthill, chairman of Tuthill Corp. “That was the summer season of 1969 and I was being given a crash course on ‘Who’s Who in the Pump Business’. Now, more than half a century later, I am thrilled to see Tuthill’s Fill-Rite business shifting into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition standards targeted on pumps and pumping solutions.
“We are pleased to have discovered a associate that represents a superb strategic match for both companies, bringing collectively two pioneering flow control businesses with over 150 years of combined expertise working as market-leaders,” said Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “This distinctive opportunity fits nicely into Gorman-Rupp’s general strategic plan to search out well-suited opportunities for expansion and innovation.”
Fill-Rite’s management group will continue to steer the enterprise as a new division of Gorman-Rupp.
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