Dover Corporation : Dover To Acquire Finder S.p.A.
Dover Corporation : Dover To Acquire Finder S.p.A. 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 systems for 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® acquisition. 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. About Dover: 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 company's website at www.dovercorporation.com. About PSG: 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 www.psgdover.com. 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. CONTACT: Paul Goldberg Vice President - Investor Relations 212.922.1640 ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Dover Corporation via Thomson Reuters ONE HUG#1724700