SWEP Continues Global Investment Program with Manufacturing Plant Expansions and New R&D Center

Rhea-AI Summary

Dover's subsidiary SWEP announced significant global investments, including manufacturing plant expansions and a new R&D center. The Suzhou operation in China will transition to a larger facility, expected to open in early 2024, serving Asian and Australian markets. In Sweden, SWEP is expanding its Landskrona site with an environmentally-certified head office and a dedicated R&D center. These investments aim to enhance product delivery and meet growing demand driven by global decarbonization and sustainability trends, highlighting a commitment to innovation and efficiency.

Positive

• Expansion of manufacturing capacity in China and Sweden to meet increasing product demand.
• New R&D center in Sweden to enhance innovation and testing capabilities.
• Focus on sustainable energy solutions aligns with global market trends for decarbonization.

Negative

• None.

DOWNERS GROVE, Ill., Oct. 18, 2022 /PRNewswire/ -- SWEP, part of Dover (NYSE: DOV) and a world-leading supplier of brazed plate heat exchangers (BPHEs), today announced that it is expanding its global footprint with multiple manufacturing plant expansions, a new R&D center and corporate head office.

SWEP's Suzhou operations in China will transition to a new larger manufacturing facility to serve key markets across Asia and Australia. The facility is currently under construction, and SWEP expects to start occupying the new premises at the beginning of 2024.

SWEP is also investing further in Landskrona, Sweden, including a new R&D center near the expanding manufacturing plant, and a new environmentally-certified head office. The R&D center will house core technical expertise, an upgraded innovation lab and expanded testing capabilities. Both new facilities are essential for accommodating SWEP's expanding workforce and for attraction of new talent interested in a career delivering de-carbonization and energy-efficiency solutions to customers worldwide.

"Demand for our products continues to grow, and we see significant secular growth opportunity ahead of us driven by global de-carbonization and sustainability investments. Our global investment program to support this growth was launched in 2019 and will involve all our facilities before 2025," said SWEP President, Ulrika Nordqvist. "Our new and expanded manufacturing facilities and R&D Center will enable us to continue to deliver world-class solutions to our customers, drive efficiencies, and support the path toward carbon neutrality and a sustainable future."

For more information about SWEP, please visit www.swep.net.

About SWEP:
At SWEP, we believe our future rests on giving more energy than we take – from our planet and our people. That's why we pour our energy into leading the conversion to sustainable energy usage in heat transfer. Over three decades, the SWEP brand has become synonymous with challenging efficiency.

SWEP is a world-leading supplier of brazed plate heat exchangers for HVAC and industrial applications. With over 1,100 dedicated employees, carefully selected business partners, and a global presence with production, sales, and dedicated service, we bring a level of expertise and closeness to our customers that's redefining competitive edge in a more sustainable future. SWEP is part of Dover Corporation, a multi-billion-dollar, diversified manufacturer of a wide range of proprietary products and components for industrial and commercial use.

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.   

SWEP Contact: 
Malin Bengtsson
+46 418 400 720
malin.bengtsson@swep.net

Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
asakowicz@dovercorp.com

Dover Investor Contact:
Jack Dickens, Senior Director, Investor Relations
(630) 743-2566
jdickens@dovercorp.com

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SOURCE Dover

FAQ

What recent investment initiatives has Dover Corporation's SWEP announced?

Dover Corporation's SWEP announced expansions of manufacturing plants and a new R&D center to enhance production and innovation.

When is SWEP's new facility in Suzhou, China expected to open?

SWEP's new facility in Suzhou, China is expected to start operations at the beginning of 2024.

How will SWEP's investments impact their operations?

SWEP's investments aim to meet growing demand, increase production efficiency, and support sustainability efforts.

What is the focus of SWEP's new R&D center in Sweden?

The new R&D center in Sweden will focus on enhancing technical expertise, innovation, and testing capabilities.

What market trends are influencing SWEP's expansion efforts?

Global decarbonization and sustainability investments are driving SWEP's expansion strategies.