The Gorman-Rupp Co has entered into a definitive agreement to accumulate the belongings of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
Image © pichetw – inventory.adobe.com.
Fill- pressure gauge 10 bar offers liquid switch pumps as nicely as 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 revenue of roughly US$140 million.
The Fill-Rite and Sotera brands strategically increase Gorman-Rupp’s place in agriculture, construction and recreation markets.
“We are extraordinarily excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its excellent group of workers to the Gorman-Rupp household,” stated Scott King, president and CEO of Gorman-Rupp. “Altogether, with our combined capabilities, we anticipate our revenues to achieve over US$500 million yearly – a significant milestone.”
“I first learned about Gorman-Rupp when I was in high school,” 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 within the Pump Business’. Now, more 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 centered on pumps and pumping solutions.
“We are pleased to have discovered a associate that represents an excellent strategic match for both firms, bringing collectively two pioneering flow management businesses with over one hundred fifty years of combined experience operating as market-leaders,” mentioned Jeff Gorman, government chairman of Gorman-Rupp’s board of directors. “This distinctive alternative suits well into Gorman-Rupp’s total strategic plan to search out well-suited alternatives for enlargement and innovation.”
Fill-Rite’s management group will proceed to steer the business as a model new division of Gorman-Rupp.
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