Dover Completes Acquisition of Malema Engineering Corporation

Rhea-AI Summary

Dover (NYSE: DOV) has successfully completed the acquisition of Malema Engineering Corporation, integrating it into its Pumps & Process Solutions segment. This strategic acquisition is expected to enhance Dover's product offerings and market presence. With annual revenues near $8 billion, Dover operates in multiple segments, demonstrating a commitment to innovation and operational agility. The acquisition aligns with Dover's entrepreneurial approach, as it seeks to redefine capabilities within the industry.

Positive

• Acquisition of Malema Engineering Corporation to enhance product offerings.
• Strengthening market presence within the Pumps & Process Solutions segment.
• Expected operational synergies and innovation from the acquisition.

Negative

• None.

DOWNERS GROVE, Ill., July 5, 2022 /PRNewswire/ -- Dover (NYSE: DOV) announced today that it has completed the previously announced acquisition of Malema Engineering Corporation ("Malema"), which will become part of the PSG business unit within Dover's Pumps & Process Solutions segment.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $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.

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 significance of Dover's acquisition of Malema Engineering Corporation?

The acquisition is intended to enhance Dover's product offerings and strengthen its market position within the Pumps & Process Solutions segment.

When was the acquisition of Malema Engineering Corporation completed?

The acquisition was completed on July 5, 2022.

How will the acquisition impact Dover's financial performance?

While the full financial impact is yet to be seen, the acquisition is expected to create operational synergies and advance innovation, potentially leading to revenue growth.

What is Dover's revenue after acquiring Malema Engineering Corporation?

Dover has annual revenue of approximately $8 billion, which remains unchanged post-acquisition.

Where is Dover headquartered?

Dover is headquartered in Downers Grove, Illinois.