Gorman-Rupp (GRC) Signs LOI to Acquire Morrison Pump Company
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The Gorman-Rupp Company (NYSE: 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."
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