MANSFIELD, Ohio--The Gorman-Rupp Company (NYSE MKT: GRC) announces that its wholly-owned subsidiary, Patterson Pump Company (“Patterson”), has completed a letter of intent for its acquisition of the business of Morrison Pump Company (“Morrison”) based in Hollywood, Florida. The terms of the planned asset purchase are undisclosed.
Founded in 1999, Morrison is a growing manufacturer of and service provider for large capacity pumping systems primarily for the municipal flood control and water management markets. Morrison has steadily expanded its product designs and service capabilities in recent years to become a notable provider in North America and South America, the Middle East and Asia. Morrison also has developed and manufactures some innovative components that will benefit from its integration with Patterson. Morrison's sales for the full year 2016 are expected to be approximately $7 million.
Morrison's continued growth will be increased through its integration with Patterson, a leading designer and manufacturer of large-scale flood control, wastewater management and fire suppression pumps and pump systems principally to municipal and industrial markets in North America and South America, the Middle East, Eastern Europe and in other global locations. Morrison's product and service capabilities are expected to be expanded through Patterson’s increased engineering and production facilities and resulting new product designs, and further enhanced through Patterson’s major international pump systems expertise and distribution.
Jorge Cortes and Michael Murazzi, founders and principal owners of Morrison, jointly said, "Morrison Pump Company has focused on developing and providing best-in-class pumps and pump systems in its steady growth in size and reputation to date. We are excited about our increased expansion prospects as we now partner with the major additional capabilities and experience of Patterson Pump Company, and the global multiple-markets pump systems reputation and resources of The Gorman-Rupp Company."
Al Huber, President of Patterson, noted, "Morrison's solid customer relationships and growth history will help expand sales in targeted niche markets complementary to Patterson Pump Company's significant and growing leadership position in large scale flood control and municipal water management pumps and pump systems based in the U.S.A. and Ireland. We also look forward to blending their manufacturing needs into Patterson’s significant manufacturing facilities to immediately accommodate Morrison’s growing sales."
Safe Harbor Statement
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company's operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include, but are not limited to: (1) continuation of the current and projected future business environment, including interest rates and capital and consumer spending; (2) competitive factors and competitor responses to initiatives of The Gorman-Rupp Company; (3) successful development and market introductions of anticipated new products; (4) stability of government laws and regulations, including taxes; (5) stable governments and business conditions in emerging economies; (6) successful penetration of emerging economies; (7) unforeseen delays or disruptions in the New Orleans flood control project; and (8) continuation of the favorable environment to make acquisitions, domestic and foreign, including regulatory requirements and market values of candidates and our ability to successfully integrate and realize the anticipated benefits of completed acquisitions. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
Brigette A. Burnell
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE MKT: GRC
The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.