You are here
Veeder-Root, a supplier of fuel management solutions for underground storage tanks, yesterday announced that it signed a letter of intent to acquire Davenport, Iowa-based Marley Pump, manufacturer of Red Jacket brand submersible petroleum pumps. Terms of the deal, which is still pending regulatory approval, were not disclosed.
The deal is expected to close by October, at which time Red Jacket will be integrated with Veeder-Root.
"We?re very excited to have the opportunity for Red Jacket to be a part of Veeder-Root," says Scott Clawson, Veeder-Root?s President. "Veeder-Root and Red Jacket are among the strongest brands, as well as technology leaders, in the petroleum industry. Our partnership will help our customers succeed by providing them with a full-service company with the best products and services available within the market."
Clawson added that Veeder-Root has the resources and strategic commitment to help the Red Jacket brand with continued growth and success in its core petroleum markets. "This acquisition will enable us to enhance fuel management technology by closely integrating the key system components from both companies and provide our customers with improvements in both performance and cost,"' he said.