The Gorman-Rupp Co has entered right into a definitive agreement to amass the property of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite supplies liquid transfer pumps as nicely as a line of mechanical and digital meters, precision weights and measures, licensed 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 manufacturers strategically increase Gorman-Rupp’s position in agriculture, building and recreation markets.
“ pressure gauge are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its outstanding group of employees to the Gorman-Rupp family,” mentioned Scott King, president and CEO of Gorman-Rupp. “Altogether, with our combined capabilities, we expect our revenues to reach over US$500 million yearly – a big milestone.”
“I first discovered about Gorman-Rupp after I was in high school,” mentioned 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 within 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.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition criteria focused on pumps and pumping solutions.
“We are happy to have discovered a companion that represents an excellent strategic match for both companies, bringing collectively two pioneering move management businesses with over a hundred and fifty years of combined expertise operating as market-leaders,” stated Jeff Gorman, government chairman of Gorman-Rupp’s board of administrators. “This exceptional opportunity fits properly into Gorman-Rupp’s overall strategic plan to find well-suited alternatives for growth and innovation.”
Fill- pressure gauge ’s administration staff will proceed to guide the business as a new division of Gorman-Rupp.
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