The Gorman-Rupp Co has entered into a definitive agreement to acquire the property of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite offers liquid switch pumps as properly as a line of mechanical and digital meters, precision weights and measures, certified meters, hand pumps, hoses, nozzles and equipment.
With amenities 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 broaden Gorman-Rupp’s place in agriculture, development and recreation markets.
“We are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its outstanding team of workers to the Gorman-Rupp family,” mentioned Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we expect our revenues to reach over US$500 million yearly – a big milestone.”
“I first realized about Gorman-Rupp after I was in highschool,” said Jay Tuthill, chairman of Tuthill Corp. “That was the summer 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 enterprise shifting into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition standards targeted on pumps and pumping options.
“We are happy to have discovered a companion that represents an excellent strategic match for each firms, bringing collectively two pioneering flow management companies with over 150 years of mixed experience operating as market-leaders,” mentioned Jeff Gorman, govt chairman of Gorman-Rupp’s board of administrators. “This distinctive opportunity fits well into Gorman-Rupp’s total strategic plan to search out well-suited opportunities for enlargement and innovation.”
Fill- pressure gauge octa ’s management team will continue to steer the enterprise as a new division of Gorman-Rupp.