DOWNERS GROVE, Ill., July 22, 2024 /PRNewswire/ – Dover (NYSE: DOV) today announced that it has acquired Marshall Excelsior Company ("MEC") for $395M in cash. MEC will become part of the OPW Global (“OPW”) operating unit within Dover’s Clean Energy & Fueling segment (“DCEF”).
Founded over 48 years ago and headquartered in Marshall, Michigan, MEC supplies highly-engineered flow control components for transportation, storage, and use of liquified petroleum gas and other industrial gases. MEC’s comprehensive portfolio of fittings, adapters, valves, regulators, pigtails, gauges, and related accessories drives differentiated performance to meet the exacting safety, quality, and reliability standards of its customers’ mission-critical applications. The business generated approximately $120 million in revenue in 2023.
MEC is a highly-complementary acquisition to OPW. It serves the liquefied petroleum gas and cryogenic markets while adding access to new transport vehicle remote monitoring and severe service valve offerings that expand OPW’s participation in the compressed and liquefied gases industry.
“We are very excited about the acquisition of MEC,” said Kevin Long, OPW’s President. “MEC’s innovative solutions expand the range of our offerings to our customers and position us to drive future growth and synergies. This strategic move enhances our technological capabilities and positions us at the forefront of innovation in the cryogenic and industrial gas markets.”
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "The acquisition of MEC enhances Dover’s portfolio and continues the strategic evolution of DCEF into a growth-exposed set of critical components businesses catering to clean energy applications. In addition to strengthening our clean energy platform, MEC is a strong business model fit with Dover due to its significant recurring revenue of mission-critical components, differentiated product attributes with clear regulatory and safety-driven tailwinds, and large installed base with a diverse blue-chip customer base. We are excited about executing on our attractive value-creation plan with this acquisition.”
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 approximately 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."
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, 2023, 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.