DOWNERS GROVE, Ill., May 7, 2019 /PRNewswire/ -- Dover (NYSE: DOV) announced today that it has completed the acquisition of the All-Flo Pump Company, Limited business ("All-Flo"), which is now part of the Pump Solutions Group® ("PSG") unit within Dover's Fluids segment.
Founded in 1986 and headquartered in Mentor, Ohio, All-Flo is a growing manufacturer of specialty air-operated double-diaphragm ("AODD") pumps used in a wide range of industrial applications to transfer viscous, abrasive and hazardous fluids, sludges and slurries. The addition of All-Flo further enhances PSG's leading AODD pump portfolio and expands its geographic and channel reach.
"We're excited to add All-Flo to our best-in-class portfolio of pump businesses," said Richard J. Tobin, Dover's President and Chief Executive Officer. "This acquisition strengthens PSG's market-leading position and is consistent with our strategic approach of deploying capital in close-to-core markets that offer sustainable, profitable growth, and where we can confidently create value for shareholders."
With approximately $12 million of revenue generated in 2018, All-Flo is expected to be accretive to margins of Dover and its Fluids segment. The acquisition is expected to generate double-digit cash Return on Invested Capital (ROIC) by Year 3.
Terms of the transaction were not disclosed.
Dover is a diversified global manufacturer with annual revenues of approximately $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through three operating segments: Engineered Systems, Fluids and Refrigeration & Food Equipment. 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 approximately 24,000 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.
PSG is a global pump solution expert and leading manufacturer of pumps, systems and related flow-control technology for the safe and efficient transfer of critical and valuable fluids and materials. Headquartered in Oakbrook Terrace, IL, USA, PSG is comprised of several world-class brands, including Abaque™, Almatec®, Blackmer®, Ebsray®, EnviroGear®, Griswold®, Mouvex®, Neptune™, Quattroflow™ and Wilden®. PSG products are manufactured on three continents – North America, Europe and Asia – in state-of-the-art facilities that practice lean manufacturing and are ISO-certified. PSG is part of the Fluids segment of Dover Corporation. For additional information on PSG, please visit psgdover.com. PSG: Where Innovation Flows.
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 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, 2018, and our reports on Form 10-Q and Form 8-K. These documents are available from the SEC, and on our website, 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.