The Gorman-Rupp Co has entered right into a definitive settlement to accumulate the assets of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
เครื่องมือความดัน © pichetw – inventory.adobe.com.
Fill-Rite offers liquid transfer pumps in addition to a line of mechanical and digital meters, precision weights and measures, licensed meters, hand pumps, hoses, nozzles and accessories.
With services 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 broaden Gorman-Rupp’s place in agriculture, construction and recreation markets.
“We are extremely excited to welcome Fill-Rite’s spectacular portfolio of mission-critical pumps and its outstanding group of workers to the Gorman-Rupp household,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our combined capabilities, we expect our revenues to succeed in over US$500 million annually – a major milestone.”
“I first discovered about Gorman-Rupp when I was in highschool,” said 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, 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 criteria targeted on pumps and pumping solutions.
“We are happy to have discovered a partner that represents an excellent strategic fit for each corporations, bringing together two pioneering flow control businesses with over a hundred and fifty years of combined expertise working as market-leaders,” stated Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “This distinctive opportunity fits well into Gorman-Rupp’s overall strategic plan to search out well-suited alternatives for enlargement and innovation.”
Fill-Rite’s administration staff will continue to lead the business as a new division of Gorman-Rupp.