Dover Announces Acquisition of XanTec

Rhea-AI Summary

Dover has completed the acquisition of XanTec Steuerungs- und EDV-Technik GmbH, a German firm specializing in automation solutions for industrial machinery, particularly in plastic and polymer processing. This acquisition enhances the Maag Group's offerings within Dover's Pumps & Process Solutions segment. The integration positions Maag to expand its market presence in aftermarket services and IoT-enabled solutions. The transaction's financial details remain undisclosed. Dover, with annual revenue of approximately $7 billion, continues to innovate across various sectors.

Positive

• Acquisition enhances Maag's automation solutions with IoT-enabled technology.
• Strengthens market position in aftermarket services for polymer processing.
• Expands capabilities in remote service and diagnostics.

Negative

• None.

DOWNERS GROVE, III., Sept. 1, 2020 /PRNewswire/ -- Dover (NYSE: DOV) announced today that it has completed the acquisition of XanTec Steuerungs- und EDV-Technik GmbH ("XanTec"), a developer and supplier of automation and control solutions for industrial machinery of all types with particular focus on plastic and polymer processing machines across the globe. XanTec now becomes part of the Maag Group ("Maag"), a trusted global provider of integrated and customizable process technology solutions for the polymer, chemical, petrochemical, pharmaceutical and food industries within Dover's Pumps & Process Solutions segment. 

Based in Germany, XanTec uses state-of-the-art planning and design, programming and manufacturing processes, and has historically collaborated extensively with Maag to deliver best-in-class integrated solutions to end customers. Services offered by XanTec also include start-up assistance, technical monitoring of installations, preventive maintenance and remote access and diagnostics of systems.

The acquisition enhances Maag's automation solutions offering with an Internet of Things-enabled technology, and positions Maag to grow its presence in aftermarket, remote service and monitoring solutions for the polymer processing and related markets. 

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, operational agility, world-class engineering capability and customer intimacy to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of over 23,000 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.

About Maag:

MAAG Group is a broadly diversified global solutions provider with integrated and customizable systems in process technology for the polymer, chemical, petrochemical, pharmaceutical and food industries. Its Pump & Filtration Systems, Pelletizing Systems, Pulverizing Systems and Recycling Systems divisions consolidate the many years of experience and in-depth know-how of the AUTOMATIK, ETTLINGER, GALA, MAAG, REDUCTION and SCHEER product brands. MAAG Group currently employs over 1,000 people at production sites in Switzerland, Germany, Italy, the USA and China. Additional sales and service centers in France, Singapore, Taiwan, Malaysia, India, Thailand and Brazil ensure close attention to customers' needs. For more information, please visit www.maag.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.  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, 2019, and our 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:

Andrey Galiuk
Vice President – Corporate Development
and Investor Relations
(630) 743-5131
agaliuk@dovercorp.com

Media Contact:

Adrian Sakowicz
Vice President – Communications
(630) 743-5039
asakowicz@dovercorp.com

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SOURCE Dover Corporation

FAQ

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

The acquisition aims to enhance Maag's automation solutions and expand market presence in IoT-enabled technologies.

What impact does the acquisition have on Dover's operations?

It strengthens Dover's Pumps & Process Solutions segment by integrating advanced automation solutions.

When was the acquisition of XanTec completed?

Dover completed the acquisition on September 1, 2020.

What sectors will benefit from the acquisition of XanTec?

The acquisition will benefit sectors such as polymer processing, chemical, and petrochemical industries.

What is the financial significance of the acquisition?

The terms of the transaction were not disclosed, but it is expected to positively impact Maag's service offerings.