The Gorman-Rupp Co has entered right into a definitive settlement to accumulate the assets of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
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Fill-Rite offers 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 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 expand Gorman-Rupp’s place 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 combined capabilities, we expect our revenues to achieve over US$500 million annually – a significant milestone.”
“I first realized about Gorman-Rupp when I was in highschool,” said 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 in the Pump Business’. Now, pressure gauge 10 bar 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 discovered a associate that represents a wonderful strategic fit for both companies, bringing together two pioneering move management businesses with over one hundred fifty years of mixed experience operating as market-leaders,” mentioned Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “This exceptional opportunity fits properly into Gorman-Rupp’s total strategic plan to search out well-suited alternatives for enlargement and innovation.”
Fill-Rite’s administration group will continue to guide the business as a new division of Gorman-Rupp.
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