Reflects heritage of best-in-class, superior products and services
Transaction on track for completion in May of 2018
DOWNERS GROVE, Ill., February 15, 2018 - Dover (NYSE: DOV) announced today that its "Wellsite" upstream energy businesses will be named Apergy. Apergy will be a publicly traded company headquartered in The Woodlands, Texas with the tagline: “Unlocking Energy.” The spin-off transaction is on track for completion in May of 2018, subject to the satisfaction or waiver of certain customary conditions.
“Apergy is the combination of ‘Apex’ and ‘Energy’,” said Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of Dover’s Energy segment, who will become President and Chief Executive Officer of Apergy. “The name is meant to evoke our goal of elevating our customers to their highest potential with customized products and solutions, while also capturing our company’s entrepreneurial spirit, commitment to relentless customer advocacy and focus on driving success with real-time innovation. As Apergy, our heritage of best-in-class, superior products and service at all levels will continue to deliver results for our customers and create shareholder value.”
“Today’s announcement is the next step toward the value-creating spin-off of Apergy,” said Robert A. Livingston, Dover’s President and Chief Executive Officer. “Once complete, I am confident that Apergy will be well-positioned for success due to its differentiated technology, leading brands and superior customer service.”
As previously announced, Apergy comprises Dover Artificial Lift, Dover Energy Automation and US Synthetic, and is a leading provider of highly engineered technologies that help companies drill for and produce oil and gas efficiently and safely around the world. The Company will continue to serve many of the most attractive segments in the oil and gas industry with a portfolio of leading brands, including Norris, Harbison-Fischer, Accelerated, PCS Ferguson, Norriseal-Wellmark, Spirit, Quartzdyne, Windrock and USS. Following the completion of the spin-off, Apergy will be well-positioned as a pure-play provider of a full range of oil and gas production equipment and solutions, wellsite productivity software and IIoT solutions. It will also be the industry leader in the development and production of polycrystalline diamond cutters used for oil and gas exploration. Apergy has operations in 8 countries and employs more than 3,000 associates globally. Additional information is available at Apergy.com.
The tagline “Unlocking Energy” expresses the company’s mission to fuel partners in the field and better the world in which we all live.
The Apergy stock trading symbol, logo and full visual identity will be unveiled at a later date.
About Dover
Dover is a diversified global manufacturer with annual revenue of approximately $8 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through four operating segments: Engineered Systems, Fluids, Refrigeration & Food Equipment and Energy. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 29,000 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 Apergy
Apergy, based in The Woodlands, Texas, is a leading provider of highly engineered technologies that help companies drill for and produce oil and gas efficiently and safely around the world. Apergy products include a full range of equipment essential to efficient functioning throughout the lifecycle of a well - from drilling to completion to production. The company’s principal products consist of artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as polycrystalline diamond cutters for drilling. Apergy also provides a full automation offering consisting of equipment, software, and IIoT solutions for downhole monitoring, wellsite productivity enhancement and asset integrity management. Apergy has operations in 8 countries and employs more than 3,000 associates globally. Additional information is available at Apergy.com.
Forward-Looking Statements
Dover makes information available to the public, orally and in writing, which may use words like "anticipates," "expects," "believes," "indicates," "suggests," "will," "plans" and "should," which are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to the intended spin-off, its anticipated timing and benefits and other non-historical statements. Dover refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover undertakes no obligation to update any forward-looking statement. Any of these risks and uncertainties, as well as the additional risk factors described in Dover`s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as such factors may be updated from time to time in subsequent filings with the SEC, could cause actual outcomes or results to differ materially from those indicated by the projected information in this press release.