The Gorman-Rupp Co has entered 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 offers liquid switch pumps in addition to a line of mechanical and digital meters, precision weights and measures, certified meters, hand pumps, hoses, nozzles and accessories.
With facilities in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual revenue of roughly US$140 million.
The Fill-Rite and Sotera brands strategically broaden Gorman-Rupp’s place in agriculture, building and recreation markets.
“We are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its excellent staff of employees to the Gorman-Rupp household,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we expect our revenues to succeed in over US$500 million annually – a big milestone.”
“I first learned about Gorman-Rupp after I was in high school,” said 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 business shifting into the Gorman-Rupp orbit.”
เกวัดแรงดันน้ำ -Rupp says that Fill-Rite aligns with its disciplined acquisition criteria centered on pumps and pumping options.
“We are pleased to have found a partner that represents an excellent strategic fit for both corporations, bringing together two pioneering move control businesses with over one hundred fifty years of mixed expertise operating as market-leaders,” mentioned Jeff Gorman, government chairman of Gorman-Rupp’s board of directors. “This exceptional opportunity suits properly into Gorman-Rupp’s general strategic plan to find well-suited alternatives for enlargement and innovation.”
Fill-Rite’s management staff will proceed to steer the business as a new division of Gorman-Rupp.
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