DOWNERS GROVE, Ill.,
Jan. 6, 2021 /PRNewswire/ -- Dover
(NYSE: DOV) announced today that it has completed the acquisition
of Innovative Control Systems, Inc. ("ICS"), a leading provider of
car wash controllers, payment terminals, point-of-sale and wash
site management software solutions. ICS is now part of Dover's
Fueling Solutions segment.
Headquartered in Bethlehem,
Pennsylvania, and employing more than 150 people, ICS has
served the carwash industry for over 30 years. ICS is recognized in
the marketplace for its strong engineering and reliability, high
levels of customer service, and innovative solutions.
The addition of ICS expands Dover's participation in the
secularly-growing vehicle wash market and enhances Dover's
offerings, business mix and recurring revenue stream with
high-value hardware and software solutions critical to vehicle wash
workflows and operations. A scaled-up vehicle wash platform within
Dover is expected to drive growth and efficiencies by
cross-leveraging Dover's and ICS' go-to-market channels in vehicle
wash and convenience retail markets, as well as aftermarket support
infrastructure.
"This acquisition is fully aligned with the growth strategy we
outlined during our analyst and investor meeting focused on Dover's
Fueling Solutions segment in November
2020. With the increasing popularity of automatic car washes
among convenience retailers and independent operators, we continue
to view the broader vehicle wash solutions market as an attractive
and logical adjacency for our Fueling Solutions segment," said
Richard J. Tobin, Dover's President
and Chief Executive Officer.
"We are excited to bring together ICS' innovative solutions,
brand recognition and vertical software capabilities, and Dover's
scale, global reach and customer support capability in the
convenience retail and vehicle wash markets. We look forward to
welcoming the talented team from ICS," said Kevin Long, President of OPW, one of Fueling
Solutions' business units, which operates Dover's vehicle wash
business platform.
Terms of the transaction were not disclosed.
About Dover:
Dover is a diversified global manufacturer and solutions
provider with annual revenue of approximately $7 billion. We deliver innovative equipment and
components, consumable supplies, aftermarket parts, software and
digital solutions, and support services through five operating
segments: Engineered Products, Fueling Solutions, Imaging &
Identification, Pumps & Process Solutions and Refrigeration
& Food Equipment. Dover combines global scale, operational
agility, world-class engineering capability and customer intimacy
to lead the markets we serve. Recognized for our entrepreneurial
approach for over 60 years, our team of over 23,000 employees takes
an ownership mindset, collaborating with customers to redefine
what's possible. Headquartered in Downers
Grove, Illinois, Dover trades on the New York Stock Exchange
under "DOV." Additional information is available
at www.dovercorporation.com.
Forward-Looking Statements:
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. All statements in this document other than
statements of historical fact are statements that are, or could be
deemed, "forward-looking" statements. Forward-looking statements
are subject to numerous important risks, uncertainties, assumptions
and other factors, some of which are beyond the Company's control.
Factors that could cause actual results to differ materially from
current expectations include, among other things, the impacts of
COVID-19, or other future pandemics, on the global economy and on
our customers, suppliers, employees, business and cash flows, other
general economic conditions and conditions in the particular
markets in which we operate, changes in customer demand and capital
spending, competitive factors and pricing pressures, our ability to
develop and launch new products in a cost-effective manner, and our
ability to realize synergies from newly acquired businesses. For
details on the risks and uncertainties that could cause our results
to differ materially from the forward-looking statements that may
be contained herein, we refer you to the documents we file with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31,
2019, and our Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. These documents are available from the SEC,
and on our website, www.dovercorporation.com. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Investor
Contact:
|
Media
Contact:
|
Andrey
Galiuk
|
Adrian
Sakowicz
|
Vice President –
Corporate Development
|
Vice President –
Communications
|
and Investor
Relations
|
(630)
743-5039
|
(630)
743-5131
|
asakowicz@dovercorp.com
|
agaliuk@dovercorp.com
|
|
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SOURCE Dover