The Gorman-Rupp Co., Mansfield, Ohio, has reached an agreement in principle to purchase the business of National Pump Co., Glendale, Ariz., subject to satisfactory completion of its due diligence review and execution of a definitive purchase agreement. National’s principal products are vertical turbine line shaft and submersible pumps as well as centrifugal pumps, high pressure booster pumps and packaged pump station systems. National’s specialty expertise is in designing, manufacturing and distributing deep-well vertical turbine pumps for industrial process water supply, agricultural irrigation supply and municipal water supply. In addition, it provides specialty pumps for petroleum, mining and OEM applications. During 2009, National Pump had about $33 million in revenue from sales of its products through its Arizona headquarters and five other operating locations in California, Florida, Georgia, Mississippi and Texas. Roger Jeschke, president and CEO of National, said that he and Allen Hobratschk, vice president and chief operating officer, “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.” Both Jeschke and Hobratschk will remain with National Pump after completion of the transaction. Jeffrey Gorman, president and CEO of Gorman-Rupp, said he "was excited by the opportunities expected to arise from combining the National Pump Co. with Gorman-Rupp’s brand name and operations, including Patterson Pump Co., American Machine and Tool Co. and Gorman-Rupp Industries. 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.” The planned business combination is expected to be completed by early October. |