Dover Adds to European Cryogenic Platform with Acquisition of SPS Cryogenics and Special Gas Systems
Dover (NYSE: DOV) has acquired SPS Cryogenics B.V. and Special Gas Systems (SGS) B.V., both located in Heerhugowaard, the Netherlands.
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Rhea-AI Summary
Dover (NYSE: DOV) has acquired SPS Cryogenics B.V. and Special Gas Systems (SGS) B.V., both located in Heerhugowaard, the Netherlands. These companies are now part of OPW's Clean Energy Solutions business within Dover's Clean Energy & Fueling segment. SPS and SGS specialize in designing, manufacturing, and supplying vacuum-insulated piping systems for various liquified gases.
This acquisition complements Dover's recent purchase of Demaco, supporting OPW CES's growth strategy and expanding its capabilities in the cryogenic and industrial gas sectors. The move aims to address the increasing global demand for clean energy solutions and reinforces Dover's commitment to delivering advanced technological solutions to customers.
Positive
- Expansion of Dover's European cryogenic platform
- Complementary product offering to OPW CES's global cryogenic gas flow control platform
- Diversification of product portfolio in clean energy solutions
- Strengthened position in cryogenic and industrial gas sectors
Negative
- None.
Details
News Market Reaction – DOV
The recorded move for DOV in the trading session of this news was -1.06%.
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SPS and SGS design, manufacture, and supply vacuum-insulated piping systems for a wide variety of liquified gases like nitrogen, oxygen, carbon dioxide, and other industrial gases. SPS and SGS bring a complementary product offering and expanded European presence to OPW CES's leading global cryogenic gas flow control platform.
"This acquisition represents a logical addition to our recent acquisition of Demaco supporting the OPW CES growth strategy, boosting our capabilities and diversifying our product portfolio to address the increasing global demand for clean energy," stated Kevin Long, President of OPW. "The addition of SPS and SGS, along with the acquisitions of Demaco and Marshall Excelsior last month, expands our position in the cryogenic and industrial gas sectors, reinforcing our commitment to delivering cutting-edge technological solutions to our customers."
About Dover:
Dover is a diversified global manufacturer and solutions provider with an annual revenue of over
Forward-Looking Statements:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. 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, 2023, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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:
Jack Dickens
Senior Director - Investor Relations
(630) 743-2566
jdickens@dovercorp.com
Media Contact:
Adrian Sakowicz
Vice President – Communications
(630) 743-5039
asakowicz@dovercorp.com
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SOURCE Dover
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