This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gorman–Rupp Announces Planned Acquisition

The Gorman-Rupp Company (NYSE Amex: GRC) announces that it has reached an agreement in principle to purchase the business of National Pump Company, LLC subject to satisfactory completion of its due diligence review and execution of a definitive purchase agreement.

National, founded in 1969, is headquartered in Glendale, Arizona. Its 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. Additionally it provides specialty pumps for petroleum, mining and OEM applications. During 2009, National Pump had approximately $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, stated that he and Allen Hobratschk, Vice President and COO, “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, stated he “was excited by the opportunities expected to arise from combining the National Pump Company with Gorman-Rupp’s brand name and operations, including Patterson Pump Company, American Machine and Tool Company 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 2010.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs