UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 5, 2014

DOVER CORPORATION
(Exact Name of Registrant as Specified in its Charter)

 
 	 	 	 	 	
Delaware	 	1-4018	 	53-0257888	
(State or other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
3005 Highland Parkway
Downers Grove, Illinois 60515
(Address of Principal Executive Offices)
(630) 541-1540
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 7.01	Regulation FD Disclosure.	
Dover Corporation (the “Company”) is hosting an investor meeting at 6:00 pm EST on March 5, 2014. The meeting will include a presentation concerning the Company’s mid-term outlook, new segment structure, growth opportunities, productivity initiatives and capital allocation. The presentation materials being given to investors have been posted on the Company’s website (http://www.dovercorporation.com).
Forward-Looking Statements:
The presentation materials are being furnished herewith as Exhibit 99.1. As noted therein, the materials contain “forward-looking” statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, growth opportunities, productivity initiatives, capital allocation, and operating and strategic plans. The forward-looking statements in these materials include any statements that are not historical facts and may be indicated by words or phrases such as “a look forward,” “expect,” “will,” “plans,” or similar phrases or the use of the future tense. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations. Such risk factors include, but are not limited to, market and economic conditions and changes in corporate policy. We refer you to the documents we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in these presentation materials. We undertake no obligation to update any forward-looking statement, except as required by law.
 
Item 9.01	Financial Statements and Exhibits.	

(a)	  	Financial statements of businesses acquired.	
 	 	
 	  	Not applicable.	
 	 	
(b)	  	Pro forma financial information.	
 	 	
 	  	Not applicable.	
 	 	
(c)	  	Shell company transactions.	
 	 	
 	  	Not applicable.	
 	 	
(d)	  	Exhibits.	
 	 	
 	  	The following exhibit is furnished as part of this report:	
 	 	 	
 	  	99.1	  	Dover Corporation’s Investor Meeting Presentation March 5, 2014	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 5, 2014	 	 	 	DOVER CORPORATION	
 	 	 	 	(Registrant)	
 	 	 	 	
 	 	 	 	By:	 	/s/ Ivonne M. Cabrera	
 	 	 	 	 	 	Ivonne M. Cabrera	
 	 	 	 	 	 	Senior Vice President, General Counsel & Secretary	

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1	  	Dover Corporation’s Investor Meeting Presentation March 5, 2014	

Investor MeetingMarch 5, 2014Exhibit 99.1

2Forward looking statementsWe want to remind everyone that our comments may contain forward-lookingstatements that are inherently subject to uncertainties. We caution everyone tobe guided in their analysis of Dover Corporation by referring toour Form 10-Kfor a list of factors that could cause our results to differ from those anticipatedin any such forward-looking statements.We would also direct your attention to our website, dovercorporation.com,where considerably more information can be found.2

3Since our last New York meeting…Building our industrial businesses–Continued to expand in our growth areasEnergy, Fluids, Refrigeration, Printing & ID all grew organicallyand through acquisition–Anthony, Finder, KPS, Fibrelite and MS all expand productbreadth and geographic reach–Our business profile is more consistent and focusedwith sustainable higher marginsNew segment structure to capture growth opportunities–Energy, Fluids, Refrigeration & Food Equipment,and Engineered SystemsThe next generation of Dover leadership to drive performance–Andy Fincher, Bill Johnson and Soma Somasundaram to leadEngineered Systems, Refrigeration & Food Equipment,and Energy, respectively3

4…but our strengths remain unchangedCustomer intimacy–Innovate for the customerWe win when we help our customers winRecurring theme of delivering efficiency (energy, cost & speed)and sustainability–Superior customer serviceOn-time delivery, quality, supportLeverage our scaleGenerate cash–Free cash flow remains consistently strongMarket share leadership–Strong focus on technology leadership and innovationdrive share gains and customer loyalty4

5Dover has several levers for value creation5GROWTH3% -5% organically,complemented byacquisition growthMARGINExpand segmentmargin to 19%CASH FLOWGenerate free cash flow inexcess of 10% of revenueSubstantial growthopportunitiesAcceleratedproductivity initiativesSignificant balancesheet optionalityMid-term targets**Mid-term: 2014 -2016

6Energy: At a glanceDoverEnergyisaleadingproviderofcustomer driven solutions and services forsafe and efficient production andprocessing of fuels worldwide, and has astrong presence in the bearings andcompression components market.2013PF2013PFPro forma basis81%19%Drilling &Bearings &CompressionProduction8%11%14%17%20%23%26%$-$400$800$1,200$1,600$2,0002011201220132014F$ in millionsRevenueMarginRevenue & marginRevenue by market78%7%2%13%North AmericaEuropeChinaRest of WorldRevenue by geography

7Growth opportunities: A look forwardEnergyContinue to expand geographical presence–Significant investments in sales, field engineering andfacilities are paying dividends….will continue in 201424% and 45% international growth* in 2012 and in 2013–Increase participation in global tendersMiddle East, South America & Australia–Seek additional industry partnership opportunitiesFill in product gaps internally and through acquisition–Progressive cavity pumps……..others–Remote monitoring/automation for oil and gas productionGrow core business–Leverage plunger and gas lift technologies into international markets–Strengthen our position in faster growing basins–Increase OEM share in bearings and compression7*Note: Outside North America and Europe, on a pro forma basis

8Engineered Systems: At a glanceDoverEngineeredSystemsisfocusedonthe design, manufacture and service ofcritical equipment and components servingthe printing & identification, vehicle service,waste handling, and select niche industrialend-markets.2013PF2013PFPro forma basis59%22%5%14%North AmericaEuropeChinaRest of World6%10%14%18%$700$1,400$2,100$2,8002011201220132014F$ in millionsRevenue by geographyRevenue & marginRevenueMargin40%60%Revenue by marketPrinting &IdentificationIndustrial$-

9Growth opportunities: A look forwardEngineered SystemsExpand markets served in Printing & Identification–Recent MS acquisition adds exposure to fast growing textile marketsCapitalizeon“analogtodigital”trendLeverage ink expertise to drive additional opportunityExtend technology to other textiles including flooring and wall coverings–Grow North American and China presence in core marketsMake focused industrial investments–Concentrate on after-market customer productivity solutionsCurottoCanagreatexampleofcreatingvaluein“mature”marketsMore opportunities in vehicle service markets–Expand in high growth recycling and waste-to energy marketsExtend geographic reach–Achieve YOY 10%+ growth outside the US–Growing middle class consumption and higher operating costsdriving automation solutions in emerging markets9

10Fluids: At a glanceDoverFluidsisfocusedonthesafehandling of critical fluids across the oil &gas, retail fueling, chemical, hygienic andindustrial end-markets.2013PF2013PFPro forma basis54%19%7%20%Revenue by GeographyNorth AmericaEuropeChinaRest of World46%54%Revenue by MarketPumpsFluid Transfer6%10%14%18%22%$-$400$800$1,200$1,6002011201220132014F$ in millionsRevenue & MarginRevenueMargin

11Growth opportunities: A look forwardFluidsLeverage our global footprint to accelerate growth–Targeting25%growthinmarketsoutsideNorthAmericaandEuropein2014Grow presence in Middle East and China through Maag and Finder channelsDouble revenue in Australia through Ebsray’s LPG and chemical pumptechnologiesAccess new markets through recent acquisitions–Complete“stationinabox”offeringworldwidewithKPSandFibrelite–Penetrate North American plastics and oil & gas markets though EuropeanacquisitionsDevelop and acquire products that provide complete solutions–Build comprehensive offering of highly engineered pump technologies–Innovate around automation, energy efficiency and evolving regulatory standards–Expand hygienic pump presence11

12Refrigeration & Food Equipment: At a glanceDover Refrigeration & Food Equipmentis the leading provider of energy efficientequipment and systems serving thecommercial refrigeration and food serviceindustries.2013PF2013PFPro forma basis77%23%Revenue by MarketRefrigerationFoodEquipment0%6%12%18%$-$500$1,000$1,500$2,0002011201220132014F$ in millionsRevenue & MarginRevenueMargin70%13%4%13%Revenue by GeographyNorth AmericaEuropeChinaRest of World

13Growth opportunities: A look forwardRefrigeration & Food EquipmentDevelop broader customer base–Build share with targeted accounts–Leverage strong customer relationships as supermarket chains expand globallyCapitalize on secular trends–Rising energy costs and increasing government regulation are driving strong demandfor energy efficient solutionsClose-the-case sales grew +15% in 2013 with strong growth expected to continuePenetrate higher growth adjacent markets–Large retailers shifting to smaller store formats–C-store and “Dollar”stores expected to continue above market growth ratesLeverage new sales channel organization and synergies–Convergence of refrigeration and food equipment in supermarket–Extend Anthony after-market businessAcquire assets that expand technology and geography–Build turn-key refrigeration capabilities in Brazil and Europe; Add-ons in food equipment13

14Margin enhancement through productivityGlobal supply chain–Program now in its 5thyear–Continuing to leverage the scale of DoverMany spend categories are being reviewed again$90-$120millioninsavingsorcostavoidanceexpectedoverthenext3yearsShared manufacturing–Several  consolidation projects are near completionHillPhoenixwillconsolidate4sitesinAtlantaarea~$3Mofannualizedsavings*More projects are on the wayInvesting in Lean and Post-Merger Integration (“PMI”)–Adding lean resources across segments–PMI leaders driven to integrate faster with focus on near term accretion14* Annualized savings over 3 years (2014 – 2016)Energywillcombine5sitesinHouston~$1Mofannualizedsavings*

15Capital allocation: Recent historyConsistently returning cashto shareholdersAcquisition spending willremain disciplined15* Includes Knowles capex and acquisitions$5.7B$$300$600$900$1,200$1,500DividendsCapex*Acquisitions*ShareRepurchase$ in millions2011201220132011 –2013 Capital allocationCapital Deployed 2011 –2013:12%14%48%26%DividendsCapex*Acquisitions*Repurchase

16Capital allocation 2014Strong balance sheet–$800 million cash as of December 31, 2013 (primarily overseas)–$400 million from Knowles–$170 million in proceeds from DEK sale (expected mid-year)–Strong free cash flowWe expect to raise the dividend for 59thconsecutive yearCapex expected to be roughly $200 millionAcquisitions–Pipeline is active–Could close $500 million to $1 billion in deals this yearWill complete $1 billion program in Q1–Capacity to do more; largely dependent on how pipeline develops16

17Summary2014Organicgrowth rateMid-term(a)OrganicGrowth rateEnergy4% -5%4% -6%Engineered Systems3% -4%3% -5%Fluids4% -5%4% -6%Refrigeration & FoodEquipment2% -3%2% -4%Total organic3% -4%3% -5%Acquisitions3%(b)5%Total growth6% -7%8% -10%2014 is on track–Early bookings trends show solidbroad-based growth–Q1 revenue growth as expected,sequentially in-line with Q4 2013Mid-term growth complemented by:–Mid-term margin expansion to 19%driven by continuing focus on lean andproductivity initiatives–Strong free cash flow generation inexcess of 10% of revenue–Consistent return of cash toshareholders17(a): 2014 –2016(b): Growth from completed acquisitions