Index -Rupp Co has entered right into a definitive agreement to acquire the property of Fill-Rite and Sotera, a division of Tuthill Corp, for US$525 million.
Image © pichetw – inventory.adobe.com.
Fill-Rite provides 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 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 broaden 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 outstanding team of employees to the Gorman-Rupp family,” said Scott King, president and CEO of Gorman-Rupp. “Altogether, with our mixed capabilities, we expect our revenues to reach over US$500 million yearly – a major milestone.”
“I first realized about Gorman-Rupp after I was in highschool,” mentioned 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, 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 standards focused on pumps and pumping options.
“We are happy to have found a partner that represents an excellent strategic match for each firms, bringing together two pioneering flow management companies with over a hundred and fifty years of combined expertise working as market-leaders,” mentioned Jeff Gorman, executive chairman of Gorman-Rupp’s board of directors. “This distinctive alternative suits properly into Gorman-Rupp’s total strategic plan to search out well-suited opportunities for growth and innovation.”
Fill-Rite’s administration team will continue to lead the enterprise as a brand new division of Gorman-Rupp.
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