2013-08-23 19:55:01 -
DOVER TO ACQUIRE FINDER S.p.A.
Acquisition will strengthen Pump Solutions Group's position in the energy market
and enhance its global footprint
Downers Grove, IL, August 23, 2013 - Dover (NYSE: DOV) today announced that Pump
Solutions Group ("PSG"), an operating unit within its Engineered Systems
segment, and a global leader in pumps, systems and related technologies, has
signed a definitive agreement to acquire Finder S.p.A. ("Finder"), headquartered
in Merate, Italy.
Finder is a leader in the design and manufacturing of engineered pumps and
the global energy market, primarily in oil & gas. Finder's
centrifugal, piston, and twin screw pump technologies make it a strong
synergistic fit for PSG, which has built its presence in the upstream, midstream
and downstream oil & gas segment through Blackmer® pumps and its recent Ebsray®
Dean Douglas, President of PSG, said, "Finder will immediately provide PSG with
the product portfolio, application expertise, customer reference list, and key
certifications required to serve the fast-growing upstream, midstream and
downstream oil & gas markets. In addition, Finder further extends PSG's presence
in key growth markets in Europe, the Middle East and the Americas. We are
excited to welcome a strong and talented management team that will continue to
lead Finder in its growth."
Finder has operations in Merate and Querceta, Italy, and Venissieux, France, as
well as a distributor network that spans over 75 countries around the world.
Finder expects to generate revenue of approximately $80 million in 2013.
The transaction is subject to customary regulatory approvals, and is expected to
close early in the fourth quarter. Terms of the transaction were not disclosed.
Dover is a diversified global manufacturer with annual revenues of over $8
billion. For over 50 years, Dover has been delivering outstanding products and
services that reflect its market leadership and commitment to operational and
technical excellence. The Company's entrepreneurial business model encourages,
promotes and fosters deep customer engagement which has led to Dover's well-
established and valued reputation for providing superior customer service and
industry-leading product innovation. Dover focuses on innovative equipment and
components, specialty systems and support services through its four major
operating segments: Communication Technologies, Energy, Engineered Systems and
Printing & Identification. Headquartered in Downers Grove, Illinois, Dover
employs 35,000 people worldwide. Dover Corporation is traded on the New York
Stock Exchange under "DOV." Additional information is available on the
website at www.dovercorporation.com.
Pump Solutions Group (PSG(®)), part of Dover's Engineered Systems segment, is a
global leader in pumps, systems and related technologies which focus on the safe
and efficient transfer of critical and valuable materials. PSG's portfolio of
premium pumps and related technologies serve a broad array of industrial
applications and includes global brands such as Abaque(®), Almatec(®),
Blackmer(®), Fluid Dynamics((TM)), Griswold((TM)), Maag(®), Mouvex(®),
Neptune((TM)), Quattroflow((TM)), and Wilden(®). PSG features world-class
facilities in the U.S., France, Germany, Italy, Switzerland, India, China, and
Australia. Additional information is available on the company's website at
About Finder S.p.A.:
Finder S.p.A. is a leading provider of engineered pumps, spare parts and related
services for critical applications in oil & gas, power generation and general
industrial processes. Approximately 80% of Finder's revenue is generated from
products manufactured to the exacting standards of the American Petroleum
Institute ("API"). Its main products - centrifugal pumps, twin screw pumps and
plunger pumps - are sold worldwide to major engineering companies and to end
users that have leading positions in the oil & gas, nuclear energy,
desalination, chemical, pharmaceutical and food markets. Additional information
is available on the company's website at www.finderpumps.com.
Vice President - Investor Relations
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Source: Dover Corporation via Thomson Reuters ONE