Dover Completes Acquisition of Electric Refuse Collection Vehicle Intellectual Property Portfolio

DOWNERS GROVE, Ill., April 6, 2022 /PRNewswire/ -- Dover (NYSE: DOV) today announced that it has completed the acquisition of certain intellectual property from Boivin Evolution Inc. ("BEV") related to electrically-powered refuse collection vehicle ("RCV") bodies. The acquisition will enhance and solidify the technological leadership and product portfolio of Dover's Environmental Solutions Group ("ESG") business unit within Dover's Engineered Products segment.

Founded in 2017 by inventor and waste-collection industry veteran Claude Boivin, BEV is a pioneer in the development of an all-electric automated side-loading RCV body that, when combined with an electric truck chassis, enables a zero-emission refuse truck. BEV's body can be configured to be completely self-powered with its own battery pack and mounted on conventional diesel, compressed natural gas, or electric power chassis, or it can be integrated into the electric-powered chassis to use a common battery pack. An all-electric RCV using BEV's technology can complete a full daily route on a single overnight charge, offering waste haulers and their municipal waste customers a new technologically and economically viable tool for sustainability initiatives.

"ESG is a global leader in solutions for the waste and recycling industries and a recognized technology pioneer. BEV's intellectual property portfolio brings to ESG a complementary set of innovative capabilities and proprietary technologies that will position ESG to better support our customers as they invest in alternative-fuel and sustainable RCV offerings," said ESG President, Patrick Carroll. "The acquisition positions ESG to capitalize on the secular growth in the adoption of electric RCVs and reinforces our commitment to leadership in alternative fuels while enhancing our position as a full-solution partner to our customers."

Terms of the transaction were not disclosed.

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $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 dovercorporation.com.

Environmental Solutions Group ("ESG") encompasses industry-leading brands, such as Heil Environmental, 3rd Eye, Soft-Pak, Parts Central, Marathon®, Bayne, The Curotto-Can® to create a premier, fully integrated equipment group serving the solid waste and recycling industry. Through extensive voice-of-customer outreach, in-house engineering and manufacturing capabilities, a wide-reaching service network, and proven industry expertise, ESG is focused on solving customer problems through environmentally responsible products and providing world-class support. For more information, visit www.doveresg.com.

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, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other 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, 2021, 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