Dover Announces Acquisition Of LIQAL B.V., A Leading Provider Of LNG And Hydrogen Fueling Solutions

Rhea-AI Summary

Dover has completed its acquisition of LIQAL B.V., a supplier of liquefied natural gas (LNG) and hydrogen refueling equipment. This acquisition strengthens Dover Fueling Solutions' (DFS) portfolio in alternative fuels, particularly in Europe, amid growing demand for decarbonization in transportation. LIQAL’s innovative solutions are expected to enhance DFS's capabilities in serving customers investing in lower-carbon fuels. Although transaction terms were undisclosed, Dover anticipates that this strategic move will bolster its market position.

Positive

• Acquisition of LIQAL enhances Dover's offerings in LNG and hydrogen fueling solutions.
• LIQAL's expertise supports Dover's goal of providing innovative, low-carbon fuel options.
• Strategic positioning will help capture growing demand for alternative fuel technologies in Europe.

Negative

• None.

DOWNERS GROVE, Ill., Oct. 15, 2021 /PRNewswire/ -- Dover (NYSE: DOV) today announced that it has completed the acquisition of LIQAL B.V. ("LIQAL"), a turnkey supplier of liquefied natural gas ("LNG") and hydrogen refueling equipment and solutions, and micro liquefaction solutions. LIQAL is now part of the Dover Fueling Solutions ("DFS") operating unit within Dover's Fueling Solutions segment.

Founded in 2014 and based in the Netherlands, LIQAL provides customers with safe, efficient, and innovative alternative fuel solutions that are currently experiencing robust adoption, particularly in Europe. LIQAL's mission has been focused on accelerating the decarbonization of fuels used in transportation. Its intelligent, integrated solutions offer high-quality standards, operating flexibility, and a low total cost of ownership throughout the life span of asset operation.

"DFS is a global leader in solutions for retail fueling and a recognized technology pioneer. LIQAL brings a portfolio of LNG and hydrogen products and solutions, as well as significant innovation capabilities and proprietary technologies that will position DFS to support its customers who are actively investing in lower-carbon fuels," said DFS President, David Crouse. "With the acquisition of LIQAL, and our strategic partnerships with EV charging providers, DFS is well-positioned to help our customers adopt these prevailing alternative fuel options, which enhances our position as a preferred partner offering simple, safe, and efficient end-to-end site experiences for consumers, as well as the convenience retail and fleet industries."

Terms of the transaction were not disclosed.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. 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 24,000 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 www.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, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other 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, 2020, 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:
Andrey Galiuk	Adrian Sakowicz
Vice President – Corporate Development	Vice President – Communications
and Investor Relations	(630) 743-5039
(630) 743-5131	asakowicz@dovercorp.com
agaliuk@dovercorp.com

 

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SOURCE Dover

FAQ

What is the significance of Dover's acquisition of LIQAL B.V.?

The acquisition enhances Dover's capabilities in LNG and hydrogen refueling solutions, positioning it as a leader in the alternative fuel market.

When was the acquisition of LIQAL by Dover completed?

The acquisition was completed on October 15, 2021.

How does LIQAL contribute to Dover's Fueling Solutions segment?

LIQAL provides innovative and efficient refueling solutions that support the decarbonization of transportation fuels.

What type of products does LIQAL offer?

LIQAL offers liquefied natural gas (LNG) and hydrogen refueling equipment and micro liquefaction solutions.

What is the expected impact of the acquisition on Dover's market position?

The acquisition is expected to strengthen Dover's position as a preferred partner in providing alternative fuel solutions.