The Gorman-Rupp Co has entered right 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 provides liquid transfer pumps in addition to a line of mechanical and digital meters, precision weights and measures, certified meters, hand pumps, hoses, nozzles and equipment.
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 manufacturers 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 excellent team of employees to the Gorman-Rupp family,” mentioned Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we anticipate our revenues to reach over US$500 million yearly – a significant milestone.”
“I first discovered about Gorman-Rupp once I was in highschool,” stated 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 within the Pump Business’. Now, greater than half a century later, I am thrilled to see Tuthill’s Fill-Rite business moving into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition criteria targeted on pumps and pumping options.
“We are pleased to have discovered a partner that represents a wonderful strategic match for both companies, bringing together two pioneering circulate control businesses with over one hundred fifty years of mixed experience operating as market-leaders,” mentioned Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “This distinctive alternative suits well into Gorman-Rupp’s general strategic plan to seek out well-suited alternatives for enlargement and innovation.”
Fill- เกจวัดแรงดันต่ำ ’s administration group will continue to guide the business as a model new division of Gorman-Rupp.
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