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 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 services in Fort Wayne, Indiana and Lenexa, Kansas, USA, Fill-Rite has annual revenue of approximately US$140 million.
The Fill-Rite and Sotera brands strategically broaden Gorman-Rupp’s place in agriculture, construction and recreation markets.
“We are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its excellent staff of workers to the Gorman-Rupp household,” mentioned Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we anticipate our revenues to achieve over US$500 million yearly – a major milestone.”
“I first learned about Gorman-Rupp once I was in highschool,” 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 shifting 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 pleased to have discovered a associate that represents an excellent strategic match for both corporations, bringing together two pioneering flow management companies with over a hundred and fifty years of mixed experience operating as market-leaders,” said Jeff Gorman, govt chairman of Gorman-Rupp’s board of administrators. “This exceptional alternative suits well into Gorman-Rupp’s overall strategic plan to search out well-suited opportunities for growth and innovation.”
Fill-Rite’s management team will continue to guide the enterprise as a new division of Gorman-Rupp.
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