DOWNERS GROVE, Ill.,
March 17, 2020 /PRNewswire/ -- Dover
(NYSE: DOV) announced today that it has entered into a definitive
agreement to acquire Em-tec GmbH ("Em-tec"), a leading designer and
manufacturer of flow measurement devices that serve a wide array of
medical and biopharmaceutical applications. Following the close of
the transaction, Em-tec will become part of the PSG® business unit
within Dover's Pumps & Process Solutions segment.
Em-tec is headquartered in Finning, Germany, and has a 30-year history of
producing innovative flow measurement equipment used in connection
with cardiac, vascular and transplant surgery, dialysis and "life
support" procedures, automated bioprocess monitoring, and
laboratory and industrial processes where flexible tubing is used.
Em-tec has pioneered non-invasive flow measurement using the
ultrasound transit-time principle and its devices have demonstrated
the ability to deliver superior measurement results relative to
competing offerings.
The addition of Em-tec further expands Dover's reach into
biopharma and other hygienic applications and enhances its
portfolio of flow control technologies with flow rate sensors. "We
are excited to bring together Em-tec's flow measurement devices and
PSG's Quattroflow™ pump technology to expand our offering to our
customers in biopharma and medical applications," said Richard J. Tobin, Dover's President and Chief
Executive Officer. "This transaction is another step in advancing
Dover's strategy of enhancing the quality of our portfolio with
attractive bolt-on acquisitions that offer profitable growth runway
and create value for our shareholders."
Terms of the transaction were not disclosed. The transaction is
subject to satisfaction of customary closing conditions, including
applicable regulatory approvals, and is expected to close in the
second quarter of 2020.
About Dover:
Dover is a diversified global manufacturer with annual revenue
of over $7 billion. We deliver
innovative equipment and components, specialty systems, consumable
supplies, 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 with operational agility to lead the markets we serve.
Recognized for our entrepreneurial approach for over 60 years, our
team of approximately 24,000 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.
About PSG:
PSG® is a global pump and dispensing solution expert
and leading manufacturer of pumps, systems and related flow-control
technology for the safe and efficient transfer of critical and
valuable fluids and materials. Headquartered in Oakbrook Terrace, IL, USA, PSG is comprised of
several world-class brands, including Abaque™, All-Flo,
Almatec®, Blackmer®, Ebsray®,
EnviroGear®, Griswold®, Hydro Systems,
Mouvex®, Neptune™, Quattroflow™
and Wilden®. PSG products are manufactured on three
continents – North America,
Europe and Asia – in state-of-the-art facilities that
practice lean manufacturing and are ISO-certified. PSG is part of
the Pumps & Process Solutions segment of Dover Corporation. For
additional information on PSG, please visit www.psgdover.com. PSG:
Where Innovation Flows.
About Em-tec GmbH:
German-based Em-tec GmbH has been developing and manufacturing
products at its location in Finning for the medical and
bioprocessing industry for over thirty years. With core competences
in the field of non-invasive flow measurement using the ultrasound
transit time principle, the Company offers systems and components
for medical and non-medical uses. Em-tec offers medical devices
under its own brand and as an OEM supplier and important partner to
medical technology companies. Em-tec's quality management system is
certified according to ISO 13485 and also meets the requirements of
the 21 CFR 820 (GMP, US-FDA). For additional information on Em-tec,
please visit www.em-tec.com. Em-tec: Passion for Flow.
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, 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. 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