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
The transaction is subject to customary regulatory approvals, and is expected
to close early in the fourth quarter. Terms of the transaction were not
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.
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
Vice President - Investor Relations
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information contained therein.
Source: Dover Corporation via Thomson Reuters ONE
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