) has closed its previously announced acquisition of Italy-based
Finder for $145 million to strengthen the position of Pump
Solutions Group in the energy market and enhance its global
Finder is now a part of Dover's Pump Solutions Group, a global
leader in pumps, systems and related technologies. It is an
operating unit within the Fluid Systems platform of the Dover
Engineered Systems segment. The segment contributed 42% of total
Dover's sales in 2012 and 44% in the first three quarters of
The Finder Group is one of the leading companies in Europe
engaged in the design and manufacture of engineered pumps and
systems for industrial applications that require heavy duty
products and advanced technical solutions.
Finder's main products are sold globally to major engineering
companies and to end users commanding dominating position in the
fields of oil & gas, nuclear energy, desalination, chemical,
pharmaceutical and food. Finder's sales network is spread across
all continents, encompassing over 75 countries through direct
sales offices, local agents and distributors.
The acquisition is a strategic fit for the Pump Solutions Group.
In May the group strengthened its Blackmer operation with the
acquisition of Australia-based Ebsray Pumps Pty. Ltd, a market
leader of pumps for a wide range of industrial applications.
Finder will provide the group 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. Finder will also
expand Dover's presence in key growth markets in Europe, the
Middle East and the Americas. With an estimated revenue of
approximately $80 million in 2013, it has been adding to Dover's
Dover will continue to benefit from its active acquisition
pipeline, bookings and orders growth. The spin-off of certain
parts of communication technologies businesses into a standalone,
publicly-traded company will simplify Dover's business profile
and enable it to focus on its key growth spaces - Energy, Fluids,
Refrigeration & Food Equipment, and Printing &
The company's bookings and backlog have increased from the
prior-year levels in the third quarter. Dover's sound balance
sheet coupled with solid earnings growth should allow the company
to continue its dividend hike and share repurchases in the years
Dover currently retains a short-term Zacks Rank #3 (Hold). Other
stocks in the same industry with favorable Zacks ranks are
Manitex International, Inc.
), carrying a Zacks Rank #2 (Buy).
Ill.-based Dover is an industrial conglomerate producing a wide
range of specialized industrial products and manufacturing
equipment. It operates through four major operating segments:
Communication Technologies, Energy, Engineered Systems and
Printing & Identification.
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