Dover acquires Marshall Excelsior, a leading supplier of mission-critical cryogenic and flow control components

DOWNERS GROVE, Illinois., July 22, 2024 /PRNewswire/ — Dover (NYSE: DOV) today announced that it has acquired Marshall Excelsior Company (“MEC”) for $395 million in cash. MEC will become part of the OPW Global operating unit (“OPW”) within Dover’s Clean Energy & Fueling segment (“DCEF”).

Founded over 48 years ago and headquartered in Marshall, MichiganMEC provides highly advanced flow control components for the transportation, storage and utilization of liquefied petroleum gas and other industrial gases. MEC’s ​​comprehensive portfolio of fittings, adapters, valves, regulators, pigtails, meters and related accessories provides differentiated performance to meet the demanding safety, quality and reliability standards of its customers’ mission-critical applications. The company generated approximately $120 million in turnover in 2023.

MEC is a highly complementary acquisition for OPW, serving the liquefied petroleum gas and cryogenic gas markets while providing access to new remote monitoring systems for transport vehicles and a range of heavy-duty service valves that expand OPW’s participation in the compressed and liquefied gas industry.

“We are very excited about the acquisition of MEC,” said Kevin LangOPW’s President. “MEC’s ​​innovative solutions expand our offering to our customers and position us to drive future growth and synergies. This strategic move enhances our technology capabilities and positions us at the forefront of innovation in the cryogenic and industrial gas markets.”

President and CEO of Dover, Richard J. Tobinsaid: “The acquisition of MEC strengthens Dover’s portfolio and continues DCEF’s strategic evolution into a growth-oriented set of critical components businesses focused on clean energy applications. In addition to strengthening our clean energy platform, MEC is a strong business model fit for Dover due to its significant recurring revenues from mission-critical components, differentiated product features with clear regulatory and safety-driven tailwinds, and large installed base with a diverse blue-chip customer base. We are excited about executing our compelling value creation plan with this acquisition.”

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenues of over 8 billion dollars. We deliver innovative equipment and components, consumables, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for more than 65 years, our team of approximately 25,000 employees has an ownership mentality, working with customers to redefine what’s possible. Headquartered in Downers Grove, IllinoisDover is traded on the New York Stock Exchange under “DOV.” More information is available at dovercorporation.com.

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 expected effects of the transaction. All statements contained in this document, other than statements of historical fact, are statements that are or may be deemed to be “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 general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital expenditures, 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, please refer to our filings 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.

SOURCE Dover