DOWNERS
GROVE, Ill., July 22,
2024 /PRNewswire/ -- Dover (NYSE: DOV) today
announced that it has acquired Marshall Excelsior Company ("MEC")
for $395M in cash. MEC will become
part of the OPW Global ("OPW") operating unit within Dover's Clean
Energy & Fueling segment ("DCEF").
Founded over 48 years ago and headquartered in Marshall, Michigan, MEC supplies
highly-engineered flow control components for transportation,
storage, and use of liquified petroleum gas and other industrial
gases. MEC's comprehensive portfolio of fittings, adapters, valves,
regulators, pigtails, gauges, and related accessories drives
differentiated performance to meet the exacting safety, quality,
and reliability standards of its customers' mission-critical
applications. The business generated approximately $120 million in revenue in 2023.
MEC is a highly-complementary acquisition to OPW. It serves the
liquefied petroleum gas and cryogenic markets while adding access
to new transport vehicle remote monitoring and severe service valve
offerings that expand OPW's participation in the compressed and
liquefied gases industry.
"We are very excited about the acquisition of MEC," said
Kevin Long, OPW's President. "MEC's
innovative solutions expand the range of our offerings to our
customers and position us to drive future growth and synergies.
This strategic move enhances our technological capabilities and
positions us at the forefront of innovation in the cryogenic and
industrial gas markets."
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "The acquisition of MEC
enhances Dover's portfolio and continues the strategic evolution of
DCEF into a growth-exposed set of critical components businesses
catering to clean energy applications. In addition to strengthening
our clean energy platform, MEC is a strong business model fit with
Dover due to its significant recurring revenue of mission-critical
components, differentiated product attributes with clear regulatory
and safety-driven tailwinds, and large installed base with a
diverse blue-chip customer base. We are excited about executing on
our attractive value-creation plan with this acquisition."
About Dover:
Dover is a diversified global manufacturer and solutions
provider with annual revenue of over $8
billion. We deliver innovative equipment and components,
consumable supplies, aftermarket parts, software and digital
solutions, and support services through five operating segments:
Engineered Products, Clean Energy & Fueling, Imaging &
Identification, Pumps & Process Solutions and Climate &
Sustainability Technologies. Dover combines global scale with
operational agility to lead the markets we serve. Recognized for
our entrepreneurial approach for over 65 years, our team of
approximately 25,000 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
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, including statements regarding the anticipated
effects of the transaction. 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, 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, 2023, and any subsequently filed 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:
|
Jack Dickens
|
Adrian Sakowicz
|
Senior Director -
Investor Relations
|
Vice President –
Communications
|
(630) 743-2566
|
(630)
743-5039
|
jdickens@dovercorp.com
|
asakowicz@dovercorp.com
|
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SOURCE Dover