Gorman-Rupp to Acquire Pump and Meter Manufacturer Fill-Rite.
MANews-(C)2009-2022
US-based pumps and pump systems maker The Gorman-Rupp Company (NYSE: GRC) has entered into a definitive agreement to acquire the assets of Fill-Rite and Sotera, a division of the Tuthill Corp., for USD 525m, the company said.
Fill-Rite provides rugged, high performance liquid transfer pumps as well as a comprehensive line of mechanical and digital meters, precision weights and measures certified meters, hand pumps, hoses, nozzles and accessories.
The Fill-Rite and Sotera brands have facilities in Fort Wayne, Indiana and Lenexa, Kansas.
When adjusted for approximately USD 80m in expected tax benefits, the net transaction value is approximately USD 445m.
Gorman-Rupp expects to fund the transaction with cash on-hand and new debt. Subject to customary closing conditions and necessary regulatory approvals, the transaction is expected...
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