Dover Acquires European Cryogenic Flow Control Component Provider

DOWNERS GROVE, Ill., July 18, 2024 /PRNewswire/ -- Dover (NYSE: DOV) today announced that it has acquired Demaco Holland B.V. ("Demaco"). Demaco is now part of OPW's Clean Energy Solutions business ("OPW CES") within Dover's Clean Energy & Fueling segment.

Demaco provides critical flow control components for cryogenic applications involving hydrogen and other industrial gases used in a wide range of end markets exposed to attractive growth trends, including clean energy, scientific research, and diversified industrial applications. Demaco manufactures a wide range of engineered products, including vacuum jacketed piping, separators, sub-coolers, valves, couplings, loading arms, and level sensors, for a diverse range of blue-chip customers.

Demaco brings a complementary product set and presence in the European and Asian cryogenic markets, further enhancing OPW's offerings and global presence and creating a leading global cryogenic gas flow control platform.

"This acquisition marks a significant milestone in the OPW CES business unit's expansion strategy, enhancing our capabilities and broadening our product offerings to meet the growing demands of our industrial gas and clean energy customers worldwide," said Kevin Long, President of OPW. "Demaco solidifies our ability to serve our customers more broadly, especially in advanced technological solutions in the European market. And like our existing clean energy brands, Demaco has been serving the cryogenic, liquid hydrogen, and industrial gas industry for many years with an intense focus on delivering the most advanced infrastructures for their customers across the globe."

About Dover:

Dover is a diversified global manufacturer and solutions provider with an 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." Additional information is available at dovercorporation.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, 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.

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SOURCE Dover