The Gorman-Rupp Co. this week announced that its wholly owned subsidiary National Pump Co. has reached an agreement in principle to purchase the business of American Turbine Pump Companies. Founded in 1975, ATP is a group of companies that collectively are a leading manufacturer and distributor of energy-efficient vertical turbine and submersible pumps primarily serving agricultural, municipal and industrial markets, both domestically and globally.
During 2011, ATP had approximately $15 million in revenue from sales of its products through its Lubbock, Texas, headquarters and two other locations in Houston, and Fresno, Calif. The acquisition is expected to be completed this month. Terms of the agreement were not disclosed.
“ATP’s strong customer relationships and long history will help expand sales in target growth markets and complement existing brands of National Pump Company, acquired in 2010,” said Jeffrey Gorman, president and CEO. “In addition, ATP’s facilities will provide substantial additional capacity, including machining and testing capabilities, which will expand business opportunities of both brands.”