Fulton Companies

What Fulton Companies does

Fulton Companies is a privately held American multinational manufacturer of commercial and industrial heat transfer equipment, headquartered in Pulaski, New York, and founded in 1949 by Lewis Palm. The company pioneered the vertical tubeless boiler design, which became the industry standard for industrial steam boilers, and has since installed more than 100,000 boilers across facilities now operating in five countries with over 650 employees. Its product portfolio spans steam boilers (Classic Steam, VSRT, VSRTE, FBS, FBX, FBZ, FBE), condensing hydronic boilers (ENDURA, ENDURA+, ENDURA XE, ENDURA ZE, VANTAGE), hot water boilers (FBXHW), thermal fluid heaters (FT-C, FT-A, FT-N, Alliance, Hopkins), water heaters (KESTAVA, InTherm), and combustion and control systems (Flame-by-Wire, ModSync, PURE Control), with capacities ranging from 1.2 BHP to 1,000 BHP steam, 399,000 to 6,000,000 BTU/HR condensing, and up to 20 million BTU/HR thermal fluid.

The underlying technology centers on patented and patent-pending innovations including the VSRT spiral rib heat exchanger (2018), ENDURA+ stress reliever design, Flame-by-Wire electronic combustion control with Real-Time O2 compensation, and ModSync sequencing control. Equipment achieves up to 99% thermal efficiency on condensing models, 15:1 turndown ratios, and reported 30+ year service lifespans by exceeding ASME code minimums. Fulton serves six primary vertical markets: healthcare, food and beverage processing, commercial and industrial laundry, multifamily and hospitality, education, and gas and oil processing, with named installations at St. Vincent Fishers Hospital, the Georgia World Congress Center, Pulaski Middle-Senior High School, Twenty-Six Acres Brewing, Green Field Farms Dairy, and multiple multi-site dry cleaners.

Fulton's go-to-market combines a worldwide network of authorized manufacturer representatives, direct field sales, and stocked East and West coast US warehouses that ship most stock units within 24 hours. Revenue is generated primarily through hardware sales of boilers and thermal fluid heaters, supplemented by engineered turnkey boiler plant solutions and pre-engineered, pre-piped skid-mounted systems bundled with ancillary equipment. Pricing is not publicly disclosed; transactions route through regional representatives. The company has sustained itself through organic growth and family ownership since founding, supported by a series of NYSERDA research and development grants totaling approximately $1.93 million between 1993 and 2014 rather than venture or private equity capital.

Name

Fulton Companies

Legal name

Fulton – The Heat Transfer Innovators

Website

https://fulton.com

Company type

Private

Founded year

1949

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Fulton Companies is a privately held American manufacturer of commercial and industrial heat transfer equipment, including steam boilers, condensing boilers, electric boilers, and thermal fluid heaters, serving healthcare, food processing, education, and commercial laundry customers worldwide.

Ownership category

akta.pro rank

Product category

Industrial Boilers and Heat Transfer Equipment

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Power Boiler and Heat Exchanger Manufacturing (332410)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433), Fabricated Plate Work (Boiler Shops) (3443)

akta.pro primary industry

Boilers, Furnaces & Process Heating Equipment (IMAHAKAD)

akta.pro secondary industries

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC), Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF)

Keywords

• Steam boilers
• Condensing boilers
• Thermal fluid heaters
• Heat transfer equipment
• Commercial boilers

Headquarters

HQ city

Pulaski

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Boiler and Heat Transfer Equipment Sales: Fulton generates revenue through the manufacture and sale of heat transfer equipment including steam boilers, condensing hydronic boilers, electric boilers, thermal fluid heaters, hot water boilers, and ancillary equipment. Products range from small residential/commercial units to large industrial boilers up to 1,000 BHP.
2. Engineered Systems and Solutions: Turnkey boiler plant solutions and pre-engineered, pre-piped skid-mounted systems. These include customized heating systems with boiler feed systems, blowdown tanks, water softeners, and chemical feed systems bundled with core equipment.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

Fulton researches, engineers, manufactures, and supports a comprehensive range of commercial and industrial heat transfer equipment, including steam boilers, electric boilers, condensing hydronic boilers, hot water boilers, thermal fluid (hot oil) heaters, and water heaters, along with control systems and pre-engineered turnkey boiler plant solutions. Products range from small commercial units to large industrial boilers up to 1,000 BHP, serving customers across food processing, healthcare, education, commercial laundry, multifamily/hospitality, and process manufacturing industries.

Product overview

Fulton Companies is a manufacturer of heat transfer equipment offering a comprehensive portfolio of commercial and industrial boilers and thermal systems. The product line includes multiple boiler types: vertical tubeless steam boilers (Classic Steam, VSRT, VSRTE), horizontal firetube and watertube steam boilers (FBS, FBX, FBE, FBZ), condensing hydronic boilers (ENDURA, ENDURA+, ENDURA XE, ENDURA ZE, VANTAGE), hot water boilers (FBXHW), thermal fluid heaters (FT-C, FT-A, FT-N, Alliance, Hopkins), and water heaters (KESTAVA, InTherm). The portfolio also includes control systems (ModSync, PURE Control) and combustion technology (Flame-by-Wire). Products range from 1.2 BHP to 1,000 BHP for steam, 399,000 to 6,000,000 BTU/HR for condensing boilers, and 74,000 to 20,000,000 BTU/HR for thermal fluid heaters. Fulton serves industries including food processing, healthcare, education, commercial facilities, gas & oil processing, and pharmaceuticals.

Differentiator

Problem solved

Functional benefit

Products and services

• Classic Steam Boiler Vertical tubeless steam boiler with proven reliability and compact design, featuring efficiencies up to 84% with oil and/or gas capabilities. ASME-certified pressure vessels with UL certification.
• VSRT Steam Boiler Vertical Spiral Rib Tubeless steam boiler featuring patent-pending spiral rib heat exchanger for industry-leading heat transfer rates, fully wetted pressure vessel, and highest steam quality. ETL certified.
• VSRTE Hybrid Steam Boiler Hybrid steam boiler combining gas-fired VSRT performance with zero-emissions electric heating for dual-fuel and sustainability goals; up to 86% efficiency on natural gas, 99% efficiency on electric operation.
• FBS Horizontal Firetube Steam Boiler Rugged horizontal firetube steam boiler with standard features that extend service life, reduce downtime, and increase overall system efficiency; features 5-year warranty.
• FBX Horizontal Watertube Steam Boiler Horizontal watertube steam boiler available in standard low- or high-pressure designs with capacities up to 920 BHP for industrial and commercial applications.
• FBZ Electric Steam Boiler Electric steam boiler with zero scope-1 emissions, high steam quality, and intuitive touchscreen control with Modbus BMS integration; designed for sustainable energy demands.
• FBE Electric Steam Boiler Compact and reliable electric steam boiler producing high-quality saturated steam with nearly 100% efficiency; combustion-free design with 100 PSI and ASME-M certification.
• ENDURA Condensing Boiler Ultra-high efficiency condensing hydronic boiler with durable duplex stainless steel firetube heat exchanger, designed for variable primary flow with low NOx emissions and BACnet BMS integration.
• ENDURA+ Condensing Boiler Ultra-high efficiency firetube condensing boiler with patent-pending stress reliever technology that eliminates thermal stresses and significantly increases boiler longevity. Up to 15:1 turndown for precise load matching.
• ENDURA XE Condensing Boiler Condensing firetube hydronic boiler with efficiency up to 99%, Flame-by-Wire combustion technology, and real-time O2 compensation for reduced fuel costs and emissions. ENERGY STAR certified with Low NOx emissions under 20ppm. 399,000 to 6,000,000 BTU/HR input.
• ENDURA ZE Electric Condensing Boiler Zero-emissions electric hydronic boiler with near 100% thermal efficiency, featuring Silicon Controller Rectifier (SCR) as standard for virtually infinite turndown.
• VANTAGE Dual-Fuel Condensing Boiler Dual-fuel condensing hydronic boiler with high-mass vessel and duplex steel design; first condensing boiler in its class to offer operation on #2 oil as backup fuel. Up to 99% thermal efficiency through latent heat recovery.
• FBXHW Horizontal Watertube Hot Water Boiler Horizontal watertube hot water boiler in standard designs with capacities up to 920 BHP for industrial and commercial applications.
• FT-C Thermal Fluid Heater Vertical coil design thermal fluid heater with 4-pass double coil technology reaching temperatures up to 750°F (400°C), featuring fully integrated air preheating economizer.
• FT-A Thermal Fluid Heater Vertical tubeless fuel-fired thermal fluid heater with compact footprint, providing outputs from 207,000 to 1,740,000 BTU/hr and operating temperatures to 600°F.

Quantifiable outcome

• Up to 99% thermal efficiency through latent heat recovery in condensing boilers
• +5 more outcomes

Named customers12 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Two partnerships are on record, tiered notable.

• BSA LifeStructuresnotableImplementation/ SI/ Consulting PartnerBSA LifeStructures served as consulting engineer on the St. Vincent Fishers Hospital project, recommending Fulton boiler equipment for LEED certification requirements. Kevin McNutt at BSA provided engineering guidance on boiler selection for healthcare applications.
• Boiler Specialists, Inc.notableChannel Partner/ Reseller/ DistributorBoiler Specialists, Inc. serves as the sales representative and maintenance provider for Green Field Farms Dairy. Sales rep Gary Estep recommended the Fulton VMP-100 for its robustness, reliability, and ruggedness, and the company provides ongoing preventative maintenance service.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Laars Heating Systems: Laars (part of Bradford White) makes commercial hydronic boilers, water heaters, and heat exchangers used in space heating, pools, and industrial process applications. It competes directly with Fulton's ENDURA / VANTAGE condensing hydronic boiler portfolio and shares similar OEM rep-driven distribution.
• Columbia Boiler Company: Columbia Boiler manufactures firetube and watertube steam and hot water boilers for commercial and industrial applications. Its product range overlaps directly with Fulton's FBS and FBX horizontal lines serving similar process steam customers.
• Cleaver-Brooks: Cleaver-Brooks is one of the largest U.S. manufacturers of commercial and industrial boilers (firetube, watertube, condensing, electric) and boiler room solutions. It directly competes with Fulton's full steam and hydronic boiler portfolio across similar process and HVAC applications and overlapping channel partner networks.
• Parker Boiler Company: Parker Boiler produces low- and high-pressure steam boilers, hot water boilers, and thermal fluid heaters. Its industrial steam and thermal fluid product lines directly overlap with Fulton's FBX, FBXHW, and Alliance/FT-C lines for process and HVAC applications.
• Burnham Holdings: Burnham Holdings is a U.S. parent of multiple hydronic and commercial boiler brands (Burnham, U.S. Boiler, Crown, New Yorker). It serves many of the same mid-market commercial and institutional customers as Fulton with comparable cast-iron, firetube, and condensing boiler offerings.
• Lochinvar (A. O. Smith): Lochinvar, owned by A. O. Smith, produces high-efficiency commercial condensing boilers and water heaters. Its Knight and FTXL lines compete head-to-head with Fulton's ENDURA XE and KESTAVA in commercial HVAC and hot water applications.
• Weil-McLain (BDR Thermea Group): Weil-McLain, part of BDR Thermea, manufactures hydronic boilers and heat-transfer products serving commercial and institutional buildings. It directly overlaps with Fulton's condensing (ENDURA) and hot water product lines and competes in the same mechanical contractor channel.
• U.S. Boiler Company (Burnham Holdings): U.S. Boiler Company, a Burnham Holdings subsidiary, makes commercial and residential condensing boilers (e.g., Firebird XC). Its hydronic condensing portfolio and residential/commercial overlap put it in direct competition with Fulton's ENDURA line.

Broad incumbents

• Bosch Thermotechnology: Bosch Thermotechnology is a large global manufacturer of HVAC, hot water, and commercial heating systems including boilers and heat pumps. It competes with Fulton in commercial condensing boilers but also has a broader portfolio (heat pumps, combi boilers) relevant to the building-decarbonization transition Fulton faces.
• Viessmann: Viessmann is a German-based global manufacturer of heating, industrial, and refrigeration systems, including commercial condensing boilers and process heat equipment. It competes with Fulton in mid-to-large commercial condensing boilers and is expanding in decarbonization solutions across Europe and North America.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

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• Xx.com/FultonBoiler

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fulton Companies