Dover Announces Acquisition of Transchem Group, a Leading Provider of Car Wash Chemicals and Water Reclaim Systems

DOWNERS GROVE, Ill., Jan. 17, 2024 /PRNewswire/ -- Dover (NYSE: DOV) today announced that it has completed the acquisition of Transchem Group ("Transchem"), one of the largest suppliers of car wash chemistry and associated solutions in North America. Transchem is now part of OPW's Vehicle Wash Solutions business ("OPW VWS") within Dover's Clean Energy & Fueling segment.

Headquartered in Cambridge, Ontario, and employing approximately 80 people, Transchem has served the car wash industry for over 45 years and is known for its high-performance cleaning and chemical solutions, including the premium Turtle Wax® Pro product line, True Vue 2 chemical management systems, ClearWash water reclaim systems, and Digital Mosaic, a technology platform that enables car wash operators to manage subscription and loyalty programs.

With the addition of Transchem's offerings, OPW VWS's product portfolio is among the most comprehensive in the industry, offering tunnel and in-bay automatic wash systems, payment terminals, process controls, site management software, automation systems and now chemistry and water reclaim systems.

"We are excited to have Transchem join the OPW team, helping us grow our portfolio of market-leading brands," said Keith Moye, Vice President and General Manager of OPW VWS. "With Transchem, OPW can now offer its customers and channel partners a broader set of chemical products that deliver excellent wash performance and water reclaim technology that reduces water usage and lowers operators' costs.  We look forward to driving significant growth synergies leveraging our combined product offering and channel to a large customer base across North America."

Terms of the transaction were not disclosed.  

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 over 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 www.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, 2022, 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.

SOURCE Dover