Dover Corporation operates as a diversified global manufacturer and solutions provider with five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Its news commonly covers earnings releases, regular cash dividends, share repurchases, capital deployment, and activity across its industrial brands.
Company updates also feature product launches and partnerships tied to fluid handling, specialty pumps, sterile connectors, heat exchangers, bearings, data-center liquid-cooling components, CO2 heat pumps, fueling systems, and climate-related industrial equipment. These announcements reflect Dover’s mix of engineered equipment, components, consumables, aftermarket parts, software, digital solutions, and support services.
Terex (NYSE: TEX) has announced a $2.0 billion acquisition of Environmental Solutions Group (ESG) from Dover The deal, valued at $1.725 billion after tax benefits, represents 8.4x 2024E EBITDA including synergies. ESG is a leader in refuse collection vehicles and waste compaction equipment, with brands including Heil, Marathon, and Curotto-Can.
Key points of the acquisition:
- Reduces cyclicality and expands Terex's presence in the waste and recycling market
- Expected to unlock $25 million in synergies by 2026
- Enhances Terex's North American market exposure to 65%
- Anticipated to be double-digit percentage adjusted EPS accretive in 2025
- Creates a new Environmental Solutions segment, combining ESG with Terex's Utilities business
The transaction is expected to close in the second half of 2024, subject to regulatory approvals.
Dover (NYSE: DOV) has announced the sale of its Environmental Solutions Group (ESG) business to Terex (NYSE: TEX) for $2 billion. ESG, part of Dover's Engineered Products segment, is a leading provider of refuse collection vehicles, compactors, and balers, along with related aftermarket equipment and digital offerings. The Chattanooga-based unit generated approximately $750 million in revenue in 2023.
The transaction is expected to close before the end of 2024, subject to regulatory approvals and customary closing conditions. Dover's CEO, Richard J. Tobin, expressed gratitude to ESG's management team for their transformational efforts over the past decade. Centerview Partners and Skadden, Arps, Slate, Meagher & Flom LLP served as financial advisor and legal counsel to Dover, respectively.
Dover (NYSE: DOV) has acquired Demaco Holland B.V., a European provider of cryogenic flow control components. Demaco will join OPW's Clean Energy Solutions business within Dover's Clean Energy & Fueling segment. The acquisition enhances Dover's offerings in critical flow control components for cryogenic applications, particularly in hydrogen and industrial gases.
Demaco's product range includes vacuum jacketed piping, separators, sub-coolers, valves, and other engineered products. This acquisition strengthens OPW's presence in European and Asian cryogenic markets, creating a leading global cryogenic gas flow control platform. The move aligns with OPW CES's expansion strategy, enhancing capabilities to meet growing demands in industrial gas and clean energy sectors worldwide.
SWEP, a Dover company and leading supplier of brazed plate heat exchangers (BPHEs), has launched the SWEP 190 range of BPHEs optimized for low-global warming potential (GWP) and natural refrigerants. This new range includes the SWEP D190, FI190, and PI190 models, designed to help customers meet stringent regulations on fluorinated gases in HVACR systems.
The 190 range offers single-circuit and dual-circuit versions with an operating range of 60kW to 150kW. These units are specifically designed for use with R32, R454B, and R290 refrigerants, featuring integrated distribution for responsive stability. SWEP's commitment to sustainable energy solutions is evident in this product launch, supporting the HVACR industry's evolution towards higher energy efficiency and environmental sustainability.
OPW Engineered Systems, a Dover (NYSE: DOV) company, has launched the 8800 Series Overfill and Ground Monitoring System for terminal operators. This advanced solution aims to enhance safety and intuitiveness in filling processes, with features that can integrate into existing terminal-automation systems. The series includes three models:
1. 8870: Features an OLED display and LED indicator lights for intuitive loading.
2. 8851N: Uses LED lights to communicate ground and overfill status.
3. 8814: Provides ground verification with LED indicator lights.
The system utilizes state-of-the-art technology in a compact, weatherproof cabinet, offering improved communication through pictograms and LED lights, regardless of language barriers.
Dover (NYSE: DOV) will release its second quarter 2024 earnings on July 25, 2024, at 6:00 a.m. Central time (7:00 a.m. Eastern time). The company will host a conference call later that morning at 8:30 a.m. Central time (9:30 a.m. Eastern time) to discuss the results. Participants can join the call by dialing 1 (800) 343-4136 for domestic calls or 1 (203) 518-9843 for international calls, with conference ID DOVQ224. Dover encourages callers to dial in at least 15 minutes early. The live audio webcast will be accessible on Dover's website, and a replay of the call will be available from 12:00 p.m. Central time on July 25 until 10:59 p.m. Central time on August 15, 2024. Additionally, a webcast replay link will be archived on Dover's website for 90 days.
Systech, a subsidiary of Dover and part of Markem-Imaje, launched a new turnkey manual aggregation and rework solution for the pharmaceutical industry. This is the first integrated product post-acquisition of Pharmacontrol Electronic (PCE). The solution combines PCE's robust hardware with Systech's leading software and mobile rework capabilities, designed to optimize operations, ensure product safety, and comply with regulatory standards. The compact, portable design supports item-by-item manual aggregation and flexible rework on production floors, enhancing productivity and data integrity as regulatory deadlines approach.
According to Sreedhar Patnala, General Manager of Systech, the solution strengthens supply chain safety and connectivity, promising increased operational productivity and sustained regulatory compliance.
RegO Products, part of OPW Clean Energy Solutions and Dover (NYSE: DOV), announced the launch of the new SSA3218F Series 3" Single Flange Internal Valve.
This stainless-steel valve is designed for liquefied petroleum gas (LPG) and anhydrous ammonia (NH3) applications in bobtails, transport trucks, nurse tanks, and liquid-storage plants and terminals. The SSA3218F model offers manual or remote actuation and features cam-type roller openings for low-maintenance service.
Key benefits include elimination of a liquid-trap area, stainless-steel construction for increased service life, nitrile seat disc, PTFE stem seals, and easily serviced packing. The valve's high-flow design prevents pump cavitation, and built-in safety features meet or exceed industry standards.
Hillphoenix, part of Dover Food Retail and Dover (NYSE: DOV), has launched ChargeSecure™, a charge preservation solution for CO2 refrigeration systems. Designed to maintain CO2 levels during power outages and service events, ChargeSecure helps food retailers minimize downtime and protect perishable goods. This eco-friendly solution operates using existing CO2 and requires only 1.5 amps, making it highly energy-efficient. ChargeSecure can be easily installed on the wall or floor and integrates seamlessly with existing Hillphoenix CO2 racks. The system offers cost savings, a small footprint, and extended operation via a backup battery.
On June 5, 2024, OPW Vehicle Wash Solutions, part of Dover (NYSE: DOV), announced the launch of two new product add-ons and an online store. The new additions include the Washnetics® Tunnel Wash Components and OneShot™ Presoak. Washnetics® integrates into Belanger tunnel wash systems, automatically adjusting to vehicle sizes for a customized wash, enhancing throughput rates. OneShot™ Presoak, part of the Turtle Wax Pro line, offers superior cleaning using just one ounce per wash, suitable for various car wash systems. The new WashNOW!® Online Store replaces the ePOS portal, providing a customizable, secure shopping experience accessible via the ICS mobile app.