The Gorman-Rupp Co. announced that it has reached an agreement in principle to purchase the business of National Pump Co. LLC, subject to the satisfactory completion of its due diligence review and execution of a definitive purchase agreement. National Pump primarily produces vertical turbine line shaft and submersible pumps, as well as centrifugal pumps, high-pressure booster pumps and packaged pump station systems. In 2009, the company achieved approximately $33 million in sales revenue.
Roger Jeschke, president and CEO of National, said that he and Allen Hobratschk, vice president and COO, “are looking forward to the opportunities resulting from blending National’s 41 years of specialty water supply pumps expertise with Gorman-Rupp’s 77 years of experience in the design and manufacture of centrifugal pumps and pumping systems and its broad international distribution network.” Jeschke and Hobratschk will both remain with National Pump after the completion of the transaction.
“National comfortably fits our operational philosophy with its profitability based on its long-established quality products, expertise, and brand reputation for its deep-well vertical turbine pumps and other products in markets that are complementary to our established markets,” said Jeffrey Gorman, president and CEO of Gorman-Rupp.
The planned business combination is expected to be completed by early October.
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Gorman-Rupp to Acquire National Pump
September 3, 2010