The Gorman-Rupp Co has entered into a definitive agreement to accumulate the property of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite provides liquid switch 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 income of roughly US$140 million.
The Fill-Rite and Sotera manufacturers strategically expand Gorman-Rupp’s position in agriculture, development and recreation markets.
“We are extremely excited to welcome Fill-Rite’s spectacular portfolio of mission-critical pumps and its excellent team of staff to the Gorman-Rupp household,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we expect our revenues to achieve over US$500 million yearly – a significant milestone.”
“I first discovered about Gorman-Rupp once 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 in 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 standards focused on pumps and pumping solutions.
“We are happy to have found a associate that represents a superb strategic fit for both corporations, bringing together two pioneering flow management companies with over 150 years of mixed expertise working as market-leaders,” stated Jeff Gorman, govt chairman of Gorman-Rupp’s board of administrators. “This distinctive alternative matches nicely into Gorman-Rupp’s overall strategic plan to find well-suited alternatives for expansion and innovation.”
Fill-Rite’s administration group will proceed to steer the enterprise as a new division of Gorman-Rupp.