Pump Solutions Group (PSG®), an operating company within Dover Corporation (NYSE: DOV) and a global leader of pumps, systems and related technologies, announced today that it has signed a definitive agreement to acquire Finder S.p.A., headquartered in Merate, Italy.
Finder S.p.A. (“Finder”) is a leader in the design and manufacturing of API engineered pumps and systems for the global energy market, primarily Oil & Gas. Finder has operations in Merate and Querceta, Italy, and Venissieux, France, as well as a network of representation in more than 75 countries around the world.
Finder Products Include:
- API & Standard Centrifugal Pumps
- API Triplex Plunger Pumps
- API Twin Screw Pumps
- API Vacuum Pumps
Finder will operate as a business unit within PSG, providing enhanced customer value and shareholder return by leveraging the combined synergies of the businesses. Finder expects to generate revenue of approximately $80 million in 2013. The transaction is subject to regulatory approvals, and is expected to close early in the fourth quarter. Terms of the transaction were not disclosed.
Finder is an attractive acquisition for Dover’s Pump Solutions Group due to its API centrifugal, piston, and twin screw pump technologies serving the energy market. Finder is a strong synergistic fit for PSG, which has built its presence in the upstream, midstream and downstream oil & gas segment through Blackmer® pumps and its recent Ebsray acquisition.
Dean Douglas, President of PSG, said, “Finder will immediately provide PSG with the product portfolio, application expertise, customer reference list, and key certifications required to serve the fast-growing upstream, midstream and downstream oil & gas markets. In addition, Finder further extends PSG’s presence in key growth markets in Europe, Middle East and the Americas. We are excited to welcome a strong and talented management team that will continue to lead Finder in its growth.”
Gary Lent, Vice President of Corporate Development for PSG, noted, “The addition of Finder continues PSG’s strategic vision of acquiring premium technologies in high growth markets. We also see this as a key building block to future acquisitions within the energy vertical market.
Francesco Racheli, CEO of Finder, added, “The Finder team is very eager to join Dover and the Pump Solutions Group. PSG is a company that complements Finder’s core values, key markets, and globalization efforts and is a bold step forward in our company’s history.”
For more information on the companies involved in this acquisition, please visit:
- Finder Group: www.finderpumps.com
- Pump Solutions Group (PSG) www.psgdover.com
About Dover
Dover is a diversified global manufacturer with annual revenues of over $8 billion. For over 50 years, Dover has been delivering outstanding products and services that reflect its market leadership and commitment to operational and technical excellence. The Company’s entrepreneurial business model encourages, promotes and fosters deep customer engagement which has led to Dover’s well-established and valued reputation for providing superior customer service and industry-leading product innovation. Dover focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification. Headquartered in Downers Grove, Illinois, Dover employs 35,000 people worldwide. Dover Corporation is traded on the New York Stock Exchange under “DOV.” Additional information is available on the company’s website at www.dovercorporation.com.
About PSG:
A part of Dover’s Engineered Systems segment, Pump Solutions Group (PSG®) is a global leader in pumps, systems and related technologies. PSG’s portfolio of premium pump and other technologies service a broad array of quality industrial applications and includes global brands Abaque®, Almatec®, Blackmer®, Fluid Dynamics™, Griswold™, Maag®, Mouvex®, Neptune™, Quattroflow™, and Wilden®, all of which deliver value added pumps and systems that serve customers requiring safe and efficient transfer of critical and valuable materials. PSG features world-class facilities in the U.S., France, Germany, Italy, Switzerland, India, China, and Australia. We are passionately committed to innovative technologies that will positively impact the world for the better; our focus is on providing the expertise you need by delivering tomorrow’s fluid and material transfer solutions today. Additional information is available on the company’s website at www.psgdover.com.
About Finder S.p.A.:
Finder S.p.A. is a leading provider of engineered pumps, spare parts and related services for critical applications in oil & gas, power generation and general industrial processes. Approximately 80% of Finder’s revenue is generated from products manufactured to the exacting standards of the American Petroleum Institute (“API”). The main products – centrifugal pumps, twin screw pumps and plunger pumps – are sold worldwide to the major engineering companies and to end users which have a leading position in the fields of oil & gas, nuclear energy, desalination, chemical, pharmaceutical and food. Additional information is available on the company’s website at www.finderpumps.com.
Comments