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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.
Image © pichetw – stock.adobe.com.
Fill-Rite offers liquid switch pumps in addition to a line of mechanical and digital meters, precision weights and measures, certified meters, hand pumps, hoses, nozzles and equipment.
With facilities 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 expand 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 workers to the Gorman-Rupp family,” stated Scott King, president and CEO of Gorman-Rupp. “Altogether, with our combined capabilities, we expect our revenues to reach over US$500 million yearly – a big milestone.”
“I first learned about Gorman-Rupp when I was in highschool,” stated 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 transferring into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition criteria focused on pumps and pumping solutions.
“We are pleased to have found a partner that represents a wonderful strategic fit for both companies, bringing collectively two pioneering move management companies with over 150 years of mixed experience operating as market-leaders,” said Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “ เกจวัดแก๊สหุงต้ม fits well into Gorman-Rupp’s general strategic plan to find well-suited opportunities for enlargement and innovation.”
Fill-Rite’s management team will continue to guide the business as a brand new division of Gorman-Rupp.
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