Gorman-Rupp Subsidiary to Buy American Turbine Pump Companies
The Gorman-Rupp Company (NYSE: GRC) today announced that its wholly-owned subsidiary, National Pump Company, has reached an agreement in principle to purchase the business of American Turbine Pump Companies (“ATP”). Founded in 1975, ATP is a group of companies that collectively are a leading manufacturer and distributor of energy-efficient vertical turbine and submersible pumps primarily serving agricultural, municipal and industrial markets, both domestically and globally.
During 2011, ATP had approximately $15 million in revenue from sales of its products through its Lubbock, Texas headquarters and two other locations in Houston, Texas and Fresno, California. The planned business combination is expected to be completed in December 2012. The terms of the agreement are undisclosed.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.