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 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 เพรสเชอร์เกจดิจิตอล in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual revenue of approximately US$140 million.
The Fill-Rite and Sotera manufacturers strategically increase Gorman-Rupp’s position in agriculture, building and recreation markets.
“We are extraordinarily excited to welcome Fill-Rite’s spectacular portfolio of mission-critical pumps and its outstanding team of staff to the Gorman-Rupp family,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we anticipate our revenues to succeed in over US$500 million yearly – a big milestone.”
“I first discovered about Gorman-Rupp when 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, more 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 solutions.
“We are pleased to have found a partner that represents a wonderful strategic match for each companies, bringing collectively two pioneering circulate management businesses with over a hundred and fifty years of combined experience operating as market-leaders,” said Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “This exceptional alternative fits well into Gorman-Rupp’s overall strategic plan to find well-suited opportunities for expansion and innovation.”
Fill-Rite’s management staff will continue to steer the business as a new division of Gorman-Rupp.
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