Dover Acquires Harbison-Fischer, Inc.

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Jan 03, 2011, 09:15 ET

DOWNERS GROVE, Ill., Jan. 3, 2011 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) today announced that it has acquired Harbison-Fischer, Inc., a leading designer and manufacturer of down-hole rod pumps and related products, for $402.5 million, subject to normal closing adjustments. Based in Crowley, Texas, Harbison-Fischer will become part of Norris Production Solutions ("NPS"). NPS is an operating unit within Dover's Fluid Management segment, and a leading manufacturer and provider of integrated products and solutions across the artificial lift spectrum for oil & gas production.

Harbison-Fischer products are used extensively in artificial lift applications around the world. Under the leadership of the Fischer family since 1933, Harbison-Fischer has developed a strong reputation for innovation and customer service that has enabled it to become the market leader in the rod lift pump space. Harbison-Fischer's 2011 revenue is expected to be approximately $160 million. Dover expects the transaction to be accretive to its earnings per share in 2011.

"This acquisition is an excellent strategic fit for Norris Production Solutions and our Energy platform," said Bill Spurgeon, President and Chief Executive Officer of Dover's Fluid Management segment. "The addition of Harbison-Fischer expands NPS' portfolio of industry-leading technology in artificial lift and will enable NPS to deliver highly-valued, comprehensive down-hole rod lift solutions to its customers. We believe this transaction will increase our scale and allow us to better penetrate the attractive international oil and gas markets. Harbison-Fischer's pump products are already used in conjunction with NPS' Norris sucker rods in many instances, and this acquisition will allow us to strengthen product alignment, leverage marketing, and deliver superior solutions and service to our customers."

Robert A. Livingston, Dover's President and Chief Executive Officer said, "We are excited about the addition of Harbison-Fischer and the opportunities we expect to generate within Norris Production Solutions. The addition of Harbison–Fischer to NPS creates a more significant competitor in artificial lift applications, one that will be able to deliver integrated solutions on a global basis."

"Harbison-Fischer is excited about the opportunities that Dover brings to our employees, customers and community," said C.K. Fischer, Chairman of the Board of Harbison-Fischer. "We have long admired Dover and are proud to be a part of their family of businesses."

Dover Corporation is a global manufacturer providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.

Norris Production Solutions, is a Dover Corporation operating unit, based in The Woodlands, TX. NPS provides integrated solutions across the artificial lift spectrum for oil & gas industry, delivering the latest technologies, innovations and solutions in rod lifts, plunger lifts, well site controls, analytic tools and customer-centric training and educational programs. Visit www.npsdover.com for more information.

Harbison-Fischer, Inc. is the global leader in down-hole sucker rod pumps and related equipment for the oil & gas marketplace. Harbison-Fischer is recognized globally for their quality, technology, and service leadership. The company has a global customer base and has products in operation all over the world. The company is headquartered in Crowley, Texas.

Dover Corporation 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. This press release contains forward-looking statements concerning future events and the performance of Dover Corporation that involve inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, current economic conditions and uncertainties in the credit and capital markets; the Company's ability to achieve expected savings from integration, synergy and other cost-control initiatives; the ability to identify and successfully consummate value-adding acquisition opportunities; increased competition and pricing pressures in the markets served by Dover's operating companies; the ability of Dover's companies to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; increases in the cost of raw materials; changes in customer demand; political events that could impact the worldwide economy; the impact of natural disasters and their effect on global energy markets; a downgrade in Dover's credit ratings; international economic conditions including interest rate and currency exchange rate fluctuations; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; domestic and foreign governmental and public policy changes including environmental regulations and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); unforeseen developments in contingencies such as litigation; protection and validity of patent and other intellectual property rights; the cyclical nature of some of Dover's companies; domestic housing industry weakness; and continued events in the Middle East and possible future terrorist threats and their effect on the worldwide economy. Dover Corporation 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 these and other 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 Corporation undertakes no obligation to update any forward-looking statement.