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 Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE 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.