The Gorman-Rupp Co has entered right into a definitive settlement to amass the property of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite supplies liquid transfer pumps in addition to a line of mechanical and digital meters, precision weights and measures, licensed meters, hand pumps, hoses, nozzles and equipment.
With services in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual revenue of roughly US$140 million.
The Fill-Rite and Sotera brands 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 workers to the Gorman-Rupp family,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we count on our revenues to reach over US$500 million yearly – a significant milestone.”
“I first discovered about Gorman-Rupp after 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 shifting into the Gorman-Rupp orbit.”
Gorman-Rupp says that Fill-Rite aligns with its disciplined acquisition criteria centered on pumps and pumping solutions.
“ pressure gauge 10 bar are happy to have discovered a companion that represents a superb strategic fit for both firms, bringing collectively two pioneering move management companies with over 150 years of combined expertise operating as market-leaders,” said Jeff Gorman, executive chairman of Gorman-Rupp’s board of administrators. “This distinctive alternative suits nicely into Gorman-Rupp’s overall strategic plan to search out well-suited alternatives for expansion and innovation.”
Fill-Rite’s management team will continue to steer the enterprise as a new division of Gorman-Rupp.
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