Gorman-Rupp Announces Subsidiary's Completed Acquisition
November 30 2016 - 4:00PM
Business Wire
The Gorman-Rupp Company (NYSE MKT: GRC) announces that its
wholly-owned subsidiary, Patterson Pump Company (“Patterson”), has
completed its acquisition of the business of Morrison Pump Company
(“Morrison”) based in Hollywood, Florida. The terms of the asset
purchase are undisclosed.
Morrison’s and Patterson’s respective intents to enter into this
acquisition were previously described in our related August 29,
2016 news release. The combination is expected to occur smoothly,
including Morrison’s innovative product designs and manufacturing
needs being strongly supported by Patterson’s significant
manufacturing facilities and international distribution
network.
Al Huber, President of Patterson, noted, "We are pleased to have
completed this transaction this year and are looking forward to
quickly integrating Jorge Cortes and Michael Murazzi and their
staff to accelerate their growth in targeted niche markets
complementary to Patterson’s international leadership positions
based in the U.S.A. and Ireland."
Brigette A. Burnell, Corporate SecretaryThe Gorman-Rupp
CompanyTelephone (419) 755-1246NYSE MKT: GRC
For additional information, contact Wayne L. Knabel, Chief
Financial Officer, Telephone (419) 755-1397
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, changes in
foreign exchange rates, commodity pricing and capital and consumer
spending and volatility in domestic oil production activity;
(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) continuation of the favorable environment to
make acquisitions, domestic and foreign, including regulatory
requirements and market values of potential candidates and our
ability to successfully integrate and realize the anticipated
benefits of completed acquisitions; (8) if acquired businesses do
not meet performance expectations, assets acquired could be subject
to impairment; and (9) risks described from time to time in
our reports filed with the Securities and Exchange Commission.
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.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161130006388/en/
The Gorman-Rupp CompanyWayne L. Knabel, Chief Financial Officer,
419-755-1397
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