The Gorman-Rupp Co has entered right into a definitive agreement to acquire the belongings of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite supplies 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 amenities in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual revenue of roughly US$140 million.
ไดอะแฟรม ซีล -Rite and Sotera brands strategically increase Gorman-Rupp’s position in agriculture, development 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 household,” mentioned Scott King, president and CEO of Gorman-Rupp. “Altogether, with our combined capabilities, we anticipate our revenues to reach over US$500 million annually – a big milestone.”
“I first discovered about Gorman-Rupp when I was in highschool,” 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, more than half a century later, I am thrilled to see Tuthill’s Fill-Rite enterprise moving 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 both firms, bringing collectively two pioneering flow management companies with over 150 years of combined expertise operating as market-leaders,” stated Jeff Gorman, govt chairman of Gorman-Rupp’s board of directors. “This exceptional opportunity fits properly into Gorman-Rupp’s total strategic plan to find well-suited alternatives for expansion and innovation.”
Fill-Rite’s management group will continue to steer the enterprise as a brand new division of Gorman-Rupp.
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