Dover Acquires Manufacturer of Precision Gear Pumps

Rhea-AI Summary

Dover has officially completed the acquisition of Witte Pumps & Technology GmbH, a German manufacturer of precision gear pumps, for an undisclosed amount. Witte, which is expected to generate approximately €40 million in revenue for 2022, will enhance Dover's Maag business unit within its Pumps & Process Solutions segment. This acquisition aims to broaden product offerings and improve geographic reach. Witte's established technology and a strong customer base will enable Dover to drive growth and cost efficiencies through integration.

Positive

• Acquisition of Witte expected to enhance Maag's product offerings.
• Witte's projected €40 million revenue for 2022 could strengthen Dover's financial performance.
• Integration aims to drive cost efficiencies through larger operational scale.
• Access to new customer segments and improved geographic reach.

Negative

• None.

DOWNERS GROVE, Ill., Dec. 15, 2022 /PRNewswire/ -- Dover (NYSE: DOV) announced today that it has completed the acquisition of Witte Pumps & Technology GmbH ("Witte"), a manufacturer of precision gear pumps. Witte will become part of the Maag business unit within Dover's Pumps & Process Solutions segment.

Founded in 1984, Witte is based in Tornesch, Germany, with offices in the United States and China. Witte is a well-recognized specialized manufacturer of gear pumps and associated spare parts and services for the chemical, plastic & polymer processing, food & beverage, and pharmaceutical industries. Witte is known for its expertise and advanced technology, outstanding technical solutions, and long-standing relationships with a premier global customer base. Witte expects to generate approximately €40 million in revenue in 2022 and has a strong order backlog for 2023.

Speaking about the acquisition, Maag's President, Ueli Thürig, said, "The acquisition of Witte complements and expands Maag's product and technology offering, improves our geographic reach, and provides access to new customer segments. The integrated business will be better positioned to serve our global customer bases from 22 worldwide locations, and better enable us to drive strong growth grounded in the technological leadership that Maag and Witte are known for globally. Additionally, we expect to drive significant cost efficiencies through our integrated and larger scale footprint."

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, 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 over 65 years, our team of over 25,000 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 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 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, 2021, 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:	Media Contact:
Jack Dickens	Adrian Sakowicz
Senior Director – Investor Relations	Vice President – Communications
(630) 743-2566	(630) 743-5039
jdickens@dovercorp.com	asakowicz@dovercorp.com

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SOURCE Dover

FAQ

What is the purpose of Dover's acquisition of Witte?

The acquisition aims to enhance Maag's product offerings and improve geographic reach while providing access to new customer segments.

What revenue does Witte expect to generate in 2022?

Witte is expected to generate approximately €40 million in revenue for 2022.

How will the acquisition impact Dover's business?

The acquisition is expected to drive growth, improve product offerings, and lead to significant cost efficiencies.

When did Dover complete the acquisition of Witte?

Dover completed the acquisition on December 15, 2022.

What industry sectors does Witte serve?

Witte serves the chemical, plastic & polymer processing, food & beverage, and pharmaceutical industries.