The Gorman-Rupp Co has entered into a definitive settlement to acquire 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 as well as a line of mechanical and digital meters, precision weights and measures, certified meters, hand pumps, hoses, nozzles and accessories.
With amenities 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 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,” 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 major milestone.”
“I first realized about Gorman-Rupp after I was in highschool,” stated 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 within the Pump Business’. Now, more 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 standards centered on pumps and pumping solutions.
“We are happy to have found a companion that represents a wonderful strategic match for both corporations, bringing together two pioneering move control companies with over 150 years of combined expertise operating as market-leaders,” said Jeff Gorman, govt chairman of Gorman-Rupp’s board of administrators. “This distinctive opportunity suits well into Gorman-Rupp’s general strategic plan to seek out well-suited alternatives for growth and innovation.”
Fill- เกจ์วัดความดัน ’s administration team will continue to guide the business as a new division of Gorman-Rupp.