Fort Wayne Pump Maker to be Acquired
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Ohio-based The Gorman-Rupp Co. (NYSE: GRC) says it will acquire the Fill-Rite business of Tuthill Corp. in Chicago in a $525 million deal. Fill-Rite, based in Fort Wayne, manufactures the Fill-Rite and Sotera brands of liquid transfer pumps, meters and related products at facilities in Allen County and Lenexa, Kansas.
Gorman-Rupp says the acquisition will strategically expand its position in the agriculture, construction and recreation markets.
“We are extremely excited to welcome Fill-Rite’s impressive portfolio of mission-critical pumps and its outstanding team of employees to the Gorman-Rupp family,” Gorman-Rupp Chief Executive Officer Scott King said in written remarks. “Altogether, with our combined capabilities, we expect our revenues to reach over $500 million annually—a significant milestone. In addition to the natural product adjacencies between Gorman-Rupp and Fill-Rite, we truly believe that the two companies are culturally aligned.”
Gorman-Rupp says for a full year ending on March 31, Fill-Rite generated about $140 million in revenue.
As part of the deal, Fill-Rites existing management team will remain in place as a division of Gorman-Rupp.
The acquisition is being funded with cash on-hand and new debt. Gorman-Rupp expects to close on the deal later this quarter.