Dover Acquires WellMark: Acquisition will be merged with Norriseal to meet the growing global demands of oil and gas customers
DOVER ACQUIRES WELLMARK
Acquisition will be merged with Norriseal to meet the growing global demands of oil and gas customers
Downers Grove, IL, July 30, 2014 - Dover (NYSE: DOV) today announced that its Energy segment has acquired The WellMark Company headquartered in Oklahoma City, Oklahoma. WellMark is a leading manufacturer of valves, instrumentation and chemical injection pumps serving the oil and gas industry. Wellmark products are primarily used at oil and gas well sites for dehydration, compression, and chemical injection applications.
The company also announced that WellMark will be merged with Norriseal, a long-standing business within the Energy segment. Norriseal has been delivering quality valve and control products, customer service and technology to the oil and gas markets for nearly 60 years.
Soma Somasundaram, President and CEO of Dover's Energy segment commented, "The acquisition of WellMark is consistent with our strategy of expanding our offering at the well site. WellMark is a strong strategic fit as it adds complementary products and expands geographic coverage of our valve, chemical injection pump and controls offerings. The addition of WellMark's product lines to Norriseal's, along with our recent acquisition of Timberline Manufacturing, underscores our commitment to building customer-focused solutions in these rapidly growing product categories."
Luis Gomez, WellMark's CEO said, "This acquisition provides a long-term strategic home for our business, valued customers, key representative relationships, and employees. It enables us to better support our customers with innovative processes in technology, product development and value added services and applications."
WellMark expects to generate revenue of approximately $55 million in 2014. Terms of the transaction were not disclosed.
Dover is a diversified global manufacturer with annual revenues of $8 billion. We deliver innovative equipment and components, specialty systems and support services through four major operating segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for nearly 60 years, our team of 28,000 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.
WellMark is a leading manufacturer of valves, regulators, controls and chemical injection pumps serving the oil and gas industry. Founded in 1981, the company has its headquarters and manufacturing plant in Oklahoma City, OK. The company has had steady growth over the course of its 33 year history, focusing on safety, quality and superior customer service. With presence in all the major oil and gas basins in North America and warehousing inventory in 22 strategically located facilities, it has positioned itself as one of the leaders in the industry. WellMark's products are used by over 70 of the largest oil and gas production companies in the US and Canada.
Vice President - Investor Relations