The Gorman-Rupp Co has entered right into a definitive settlement to amass the assets of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite offers liquid transfer pumps in addition to a line of mechanical and digital meters, precision weights and measures, certified meters, hand pumps, hoses, nozzles and accessories.
With amenities in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual income of approximately US$140 million.
The Fill-Rite and Sotera manufacturers strategically broaden Gorman-Rupp’s position in agriculture, construction and recreation markets.
“We are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its outstanding staff 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 succeed in over US$500 million annually – a big milestone.”
“I first learned about Gorman-Rupp once I was in high school,” stated Jay Tuthill, chairman of Tuthill Corp. “That was the summer of 1969 and I was being given a crash course on ‘Who’s Who within the Pump Business’. Now, pressure gauge octa than half a century later, I am thrilled to see Tuthill’s Fill-Rite enterprise transferring into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition standards centered on pumps and pumping options.
“We are happy to have found a associate that represents an excellent strategic match for both corporations, bringing together two pioneering circulate control businesses with over a hundred and fifty years of combined experience operating as market-leaders,” said Jeff Gorman, government chairman of Gorman-Rupp’s board of administrators. “This exceptional alternative matches properly into Gorman-Rupp’s general strategic plan to search out well-suited alternatives for enlargement and innovation.”
Fill-Rite’s management group will proceed to guide the enterprise as a brand new division of Gorman-Rupp.