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, certified meters, hand pumps, hoses, nozzles and equipment.
With amenities in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual income of approximately US$140 million.
The Fill-Rite and Sotera manufacturers strategically expand Gorman-Rupp’s position in agriculture, development and recreation markets.
“We are extraordinarily excited to welcome Fill-Rite’s spectacular portfolio of mission-critical pumps and its excellent staff of employees to the Gorman-Rupp household,” mentioned Scott King, president and CEO of Gorman-Rupp. “Altogether, with our combined capabilities, we expect our revenues to succeed in over US$500 million yearly – a major milestone.”
“I first realized about Gorman-Rupp once I was in high school,” 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 enterprise moving 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 discovered a associate that represents a superb strategic fit for both corporations, bringing together two pioneering flow management companies with over a hundred and fifty years of combined expertise operating as market-leaders,” mentioned Jeff Gorman, government chairman of Gorman-Rupp’s board of directors. “This exceptional alternative suits properly into Gorman-Rupp’s general strategic plan to find well-suited alternatives for expansion and innovation.”
Fill-Rite’s administration staff will proceed to guide the business as a model new division of Gorman-Rupp.
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