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Dover Corporation

January 31, 2023

Dover Corporation is an American conglomerate manufacturer of industrial products.[3] The Downers Grove, Illinois-based company was founded in 1955.[3][4] As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies.[5] Dover is a constituent of the S&P 500 index[6] and trades on the New York Stock Exchange under "DOV". Dover was ranked 433rd in the 2022 Fortune 500.[7] The company relocated its headquarters to Illinois from New York in mid-2010.[8][9]

Dover Corporation
TypePublic
IndustryConglomerate
Founded1955; 68 years ago (1955)
Headquarters
Downers Grove, Illinois
,
U.S.
Area served
Worldwide
Key people
Michael F. Johnston
(chairman)
Richard J. Tobin
(president & CEO)
Revenue US$7.91 billion (2021)
US$1.28 billion (2021)
US$1.12 billion (2021)
Total assets US$10.40 billion (2021)
Total equity US$4.19 billion (2021)
Number of employees
c. 25,000 (Dec 2021)
Footnotes / references
[1][2]

History

Founding

In the 1930s and 1940s, George Ohrstrom Sr., a New York City stockbroker, bought four manufacturing companies: C. Lee Cook Company (seals and piston rings), Rotary Lift (automotive lifts), C. Norris (oil-well pump-sucker rods),[10] and Peerless (space heaters).[11] Dover Corporation was incorporated in 1947,[12] and in 1955 Ohrstrom brought in the former owner and president of C. Lee Cook Company, Fred D. Durham, to manage his four companies. Later that same year, the Dover Corporate offices opened in Washington, D.C. and Dover Corporation went public on the New York Stock Exchange.[10] As such, the year 1955 marks the company's official founding.[original research?]

Fred Durham influenced Dover's corporate culture, emphasizing autonomy, decentralization, and few corporate staff members. As a result, divisions were run in an independent fashion, each with its own president.[10] Today, Dover is still known for its decentralized management structure, its governance of operating companies, and for its acquisitive approach.[13]

 
Label plate for a hydraulic elevator motor for a Dover Corporation elevator

Between 1955 and 1979, Dover acquired fourteen companies.[10] A great deal of this acquisition activity served to build the Dover Elevator business. This elevator growth began in 1955, as Dover Elevator split from Rotary Lift and became an independent operating company within Dover.[11] Dover's purchase of the Shepard Warner Elevator Company in 1958 marked the beginning of an effort to grow the elevator business.[14] In 1963, Dover acquired Acme Elevator, Elevator Service,[11] Reddy Elevator Company in 1964, and Hunter-Hayes Elevator Company in 1970. With these purchases, Dover soon became the third largest elevator company in the U.S. and remained so for many years.[10] Dover continued to expand its elevator division throughout the 1960s and 1970s with the purchases of Moody & Rowe, Burch, Turnbull, Burlington, Hammond & Champness, Louisiana Elevator, and W.W. Moore.[11] Ultimately, Dover sold its elevator division in 1999 to Thyssen AG for $1.1 billion.[15] Dover Elevator had a pretax operating profit of $93 million in 1997.[16] The sale allowed Dover to focus on building its other businesses and moved ThyssenKrupp Elevator Americas to the number three spot worldwide in the elevator and escalator industry.[17][clarification needed]

Acquisitions

Dover's acquisition history reaches beyond the elevator industry. With a focus on diversification in the 1960s,[14] such as the acquisition of Ohio Pattern Works & Foundry Company in 1961, came notable purchases of companies that continue to be a significant part of Dover Corporation today. The company was shorthanded to OPW, and in 1949 one of its engineers, Leonard H. Duerr, invented the automatic shutoff fuel-dispensing nozzle valve.[18] Today, the basic technology of Duerr's invention continues to exist in automatic shutoff nozzles,[19] and OPW is still a part of Dover, specializing in the design and manufacture of commercial and retail-fueling. [20]

In 1962, Dover made two notable acquisitions: Detroit Stamping Company, now DE-STA-CO, specializing in the design and manufacturing of clamping, gripping, transferring, and robotic tooling;[21] and Alberta Oil Tool, subsequently part of Dover Artificial Lift before its separation from Dover Corp.[22][23] Today, Alberta Oil Tool produces specialty drive rods, Norris tubular fittings, Norriseal control valves, and other products.[24]

1964 marked a significant year, as OPW's former leader Thomas Sutton became president of Dover and corporate headquarters were relocated to New York City. The 1970s were characterized by Dover's intent to expand beyond its principle industries of building materials, equipment, and industrial components. A result of this effort included the acquisition of Dieterich Standard, which manufactured liquid-measurement instruments and whose president, Gary Roubos, went on to become Dover's chief operating officer (COO) and president in 1977. Later, Roubos became Dover's chief executive officer (CEO) in 1981.[14]

Another significant acquisition included Sargent Industries, a manufacturer of control devices for aerospace and industrial end-markets, purchased in 1984 for $68 million.[25] The Sargent Aerospace & Defense unit persisted as a global supplier of precision-engineered components and aftermarket services, performing critical functions on a variety of commercial and military aircraft, submarines, and land-based vehicles.[26]

In the 1980s, Dover also began to focus more on electronics. This period was marked by the acquisitions of K&L Microwave in 1983, Dielectric Laboratories in 1985, and NURAD in 1986.[14] Dover later chose to spin off DOVatron in 1993 to shareholders,[27] as the company specialized in circuit-board assembly and had become a source of competition for Dover customers.[14]

That same year, Dover acquired Phoenix Refrigeration Systems, which then acquired Hill Refrigeration in 1994 to form Hillphoenix. Hillphoenix now manufactures commercial refrigeration systems and mechanical centers, electrical distribution products, walk-in coolers and freezers, and specialty display cases and fixtures.[28] The company is a partner of the EPA's GreenChill initiative, which focuses on reducing refrigerant emissions and climate-change impact.[29] Hillphoenix has more equipment installed at GreenChill Certified retail stores than any other refrigeration manufacturer.[30]

Also in 1994, Dover's COO and President, Thomas Reece, became CEO of the company.[14] The following year, Dover purchased an 88 percent interest in the French company Imaje Printing Products for $200 million;[10] this acquisition marks the largest in Dover's corporate history.[14] In 2006, Dover acquired Markem Corporation which specializes in identification.[31] In 2007, the companies merged and were renamed Markem-Imaje, and have since focused on product coding, labeling, traceability, and identification. [32]

2000s

While Dover acquired more than seventy companies between 1998 and 2002, the company's acquisition rate slowed in the early 2000s. Dover sold eight companies in 2001 for a total of $400 million. The early 2000s also marked a leadership change: Ronald Hoffman, Dover's vice president, and former president and CEO of Dover Resources, become president and COO of Dover Corporation in 2003. In 2005, he was appointed to the position of CEO.[14] The financial crisis hit Dover hard, but the company recovered quickly.[33][clarification needed]

Dover focused on growing target areas from 2007 to 2009, including electronic communication, energy and fluids, product identification, and refrigeration.[14] Dover continued to grow its refrigeration business with the 2012 purchase of Anthony International for $602.5 million. Anthony designs and manufactures specialty glass, commercial-glass refrigeration and freezer doors, lighting systems, and display equipment.[34]

In 2008, Robert Livingston was appointed Dover's new CEO and president. Livingston's Dover career began twenty-nine years earlier with the acquisition of K&L Microwave, where he was a vice president.[35] After joining Dover, Livingston also served as COO and vice president of Dover Corporation, president and CEO of Dover Engineered Systems, and president and CEO of Dover Electronics.[36] Under Livingston's leadership, Dover moved its corporate headquarters from New York City to the Chicago area in 2010. Factors at play in this decision included Chicago's central location, wide variety of housing options for employees, quality of life, and nearby air service to national and global destinations.[37] The choice to move to Downers Grove, Illinois, was also partially impacted by an effort to consolidate operations, and reduce administration costs,[38] as the move brought all four segment headquarters under one roof.[37]

From 2008 to 2012, Dover acquired almost twenty-five companies. Livingston's corporate development strategy sought to strengthen promising businesses and divest those that were either growing slowly or had significant exposure to highly volatile industries. As a result, Dover was able to apply greater focus to growing four or five targeted end-markets. Livingston also worked to reduced expenses by consolidating back office operations, metal purchases, and freight transportation.[35] Inpro/Seal, a producer of bearing isolators, was purchased by Waukesha Bearings Corporation in 2009, which included 150,991 shares of Dover's common stock being issued to Inpro/Seal shareholders.[39] In 2010, KMC Inc. and Bearings Plus Inc. were acquired by Waukesha Bearings Corporation with the expectation of synergizing their bearing seal technologies with Dover.[40] In addition, between 2008 and 2010, Dover spent approximately $436 million to purchase a total of sixteen businesses, while only $100 million was earned from the sale of eight businesses.[33]

In 2011, Dover expanded its acoustic components business with the purchase of Sound Solutions, a manufacturer of dynamic speakers and receivers for mobile phones and other consumer electronics, for $855 million.[41] Dover had acquired Knowles, a designer and manufacturer of hearing-aid technology and other acoustical componentry, six years earlier for $750 million.[42] Sound Solutions and Knowles gave Dover the necessary scale to develop items for the rapidly evolving mobile-electronics industry.[35] In 2014, Dover spun off Knowles,[43] which had a $2.6 billion market cap post-spin.[44] Today, Knowles continues to be a global supplier of communication-technology components, such as MEMS (micro-electro-mechanical systems), microphones, speakers, receivers, transducers, capacitors and oscillators.[45] Dover CEO and president Robert Livingston described the spinoff as allowing both Knowles and Dover to more aggressively pursue their individual growth strategies.[46]

In 2015, Dover sold Sargent Aerospace & Defense to RBC Bearings.[47]

In May 2018, Richard J. Tobin took over as president and CEO of Dover, after previously serving as the company's director.[48] In May 2018, Dover spun off a large portion of its Energy segment including upstream energy businesses into a standalone publicly traded company, Apergy.[49][50]

Segments and operating companies

Dover's organization and segment structure has changed over its history. For example, in 1985 Dover restructured into five major subsidiaries to reflect its key markets of interest. For reporting purposes, these five major subsidiaries were represented in four sections: building industries (Dover Elevator International); electronic products (Dover Technologies); petroleum (Dover Resources); and industrial and aerospace products (Dover Industries, Dover Sargent). In 1989, Dover re-segmented into six sectors based on market activity changes: Dover Elevator International, Dover Technology, Dover Resources, Dover Industries, Dover Diversified, and Corporate Companies. After selling Dover Elevator, these segments became Diversified, Electronics, Industries, Resources, Systems and Technologies.[51] In 2007, Dover reported four segments: Industrial Products, Engineered Systems, Fluid Management, and Electronic Technologies.[52] Following 2014, Dover Corporation operated with four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment.[53] The operating companies that reside within each segment are run like independent companies.[13]

Dover Corporation is as of 2022 divided into five operating segments: Engineered Products, Clean Energy and Fueling, Imaging and Identification, Pumps and Process Solutions, and Climate and Sustainability Technologies.[54][5][55] The Engineered Products segment provides products, software, and services for markets that include aerospace, defense, aftermarket vehicle services, industrial automation, and waste disposal.[56][57][58] This segment includes six operating companies: Destaco, Environmental Solutions Group, Microwave Products Group, OK International, TWG, and Vehicle Service Group.[58] The Clean Energy and Fueling segment provides products, services, software, and equipment for retail fueling and clean energy, vehicle wash solutions, and adjacent markets.[56][57][5] This segment includes two operating companies: Dover Fueling Solutions and OPW.[58] The Imaging and Identification segment supplies equipment and services to the marking and coding, product traceability, and digital textile printing markets.[56][57][58] This segment includes two operating companies: Dover Digital Printing and Markem-Imaje.[58] The Pumps and Process Solutions segment manufactures products for handling fluids across the chemical, hygienic, biopharma, oil and gas, and industrial sectors.[56][57][58] This segment includes four operating companies: CPC, Dover Precision Components, MAAG Group, and PSG.[58] The Climate and Sustainability Technologies segment provides equipment and systems to the commercial refrigeration, beverage packaging equipment, and heating and cooling markets.[56][57][5] This segment includes three operating companies: Belvac, Dover Food Retail, and SWEP.[58][5]

Energy

Dover's energy segment works in the drilling and production markets to develop systems that extract oil and gas. It is composed of seven operating companies: Cook Compression, Dover Artificial Lift, Dover Energy Automation (DEA), Accelerated Process Systems, TWG, US Synthetic, and Waukesha Bearings.[59] Cook Compression develops engineered compressors,[60] while Dover Artificial Lift develops systems for oil-and-gas production, such as rod lifts, progressing cavity pumps, gas lifts, and plunger-lift systems.[61] DEA includes Quartzdyne, which designs, develops, and manufactures resonating quartz pressure transducers for the downhole oil-and-gas industry.[62] TWG is made up of six companies, all of which specialize in industry-specific winches and supporting electronic systems.[63] US Synthetic produces long-lasting diamond inserts for downhole drilling-tool applications.[64] Finally, Waukesha Bearings develops custom-engineered fluid-film bearings and magnet-bearing systems for high-performance turbomachinery.[65]

Engineered Systems

The Engineered Systems segment develops products and systems for a variety of industries, from printing to waste handling. JK Group, Markem-Imaje, MS Printing Solutions, and OK International all serve the printing and identification markets. Environmental Solutions Group makes systems for the transportation and transformation of solid waste. De-Sta-Co is part of the work-holding and flexible-automation segment, such as clamps and grippers. Microwave Products Group serves defense, aerospace, and telecommunications markets. Lastly, Performance Motorsports Inc., Texas Hydraulics, Vehicle Service Group, and Warn are focused on the automobile and vehicle-service industry.[66]

Fluids

The Fluids segment designs and manufactures products and systems that safely handle critical fluids for the following end markets: oil-and-gas, retail-fueling, vehicle-wash, chemical, hygienic (food and pharmaceutical), and industrial. This segment is composed of: Colder Products Company, Finder, Hydro Systems Company, Maag, OPW, Tokheim, Wayne Fueling Systems and Pump Solutions Group.[67]

Refrigeration & Food Equipment

Dover's Refrigeration & Food Equipment segment develops equipment and systems for the commercial-refrigeration, heating and cooling, and food and beverage packaging, and food service industries.[68] Anthony and Hill Phoenix design grocery store refrigerators and freezers. Anthony manufactures glass refrigerator and freezer doors, lighting systems and display equipment,[69] and Hillphoenix manufactures display cases, walk-in coolers/freezers, and refrigeration and power systems.[70] The packaging industry is served by Belvac Production Machinery, Inc., which offers systems for the beverage can-making industry.[71] SWEP specializes in brazed-plate heat exchangers, with applications in air conditioning, refrigeration, heating, and industry and district energy.[72] Unified Brands produces commercial kitchen equipment; prior to December 2021, Dover was owned Unified Brands before its sale to Sweden-based appliance manufacturer Electrolux Professional.[73][74][75]

Imaging and identification

The Imaging & Identification segment is involved with the design and manufacture of equipment, consumables and software, in addition to providing support services for the marking and coding and for digital textile printing markets. This segment incorporates Markem-Imaje who manufactures product identification and traceability systems including inkjet, thermal transfer, laser, print & apply label systems, and engineering systems. It also includes Dover Digital Printing who delivers printing systems through software, inks and consumables, along with printing systems for the digital textile, soft signage and specialty materials markets.[76]

See also

References

  1. ^ "Company Overview of Dover Corporation". Bloomberg. Retrieved April 26, 2018.
  2. ^ "Dover Corporation 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 11, 2022.
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  4. ^ "NASDAQ Quotes and Stock Report". NASDAQ. Retrieved January 26, 2016.
  5. ^ a b c d e "Industrial CEOs are still in a mood to spend". Bloomberg. January 28, 2022. Retrieved January 31, 2022.
  6. ^ "Press Release: Knowles Set to Join the S&P MidCap 400; 8x8, Universal Insurance to Join S&P SmallCap 600" (PDF). S&P Dow Jones Indices. McGraw Hill Financial. Retrieved January 26, 2016.
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  13. ^ a b "Invest In Dover Corporation Like Warren Buffett". WarrenBuffet.com. Retrieved January 26, 2016.
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  17. ^ "Thyssen and Dover in $1.1 Billion Deal". The New York Times. Bloomberg News. November 24, 1998. Retrieved January 26, 2016.
  18. ^ "United States Patent 2,582,195 Automatic Shutoff Dispensing Nozzle Valve". USPTO.gov. United States Patent and Trademark Office. Retrieved January 26, 2016.
  19. ^ "Evolution of the Fuel Nozzle". OPWGlobal.com. OPW. Retrieved January 26, 2016.
  20. ^ "OPW Company History". OPWGlobal.com. OPW. Retrieved January 26, 2016.
  21. ^ "History of DE-STA-CO". DESTACO.com. DE-STA-CO. Retrieved January 27, 2016.
  22. ^ . DoverALS.com. Dover Artificial Lift. Archived from the original on March 8, 2016. Retrieved January 27, 2016.
  23. ^ Blum, Jordan (February 15, 2018). "Dover Corp. names new energy spinoff in The Woodlands". Houston Chronicle. Retrieved January 26, 2022.
  24. ^ "Welcome Page of Alberta Oil Tool". AlbertaOilTool.com. Alberta Oil Tool. Retrieved January 27, 2016.
  25. ^ "Sargent Acquired". The New York Times. June 29, 1984.
  26. ^ "Welcome Page for Sargent". SargentAerospace.com. Sargent Aerospace and Defense. Retrieved January 27, 2016.
  27. ^ "DOVER ELECTRONICS COMPANY COMPLETES TAX-FREE SPIN-OFF TO DOVATRON INTERNATIONAL INC". TheFreeLibrary.com. The Free Library. Retrieved January 27, 2016.
  28. ^ . Hillphoenix.com. Hillphoenix. Archived from the original on February 3, 2016. Retrieved January 27, 2016.
  29. ^ "GreenChill Partners". EPA.gov. United States Environmental Protection Agency. Retrieved January 27, 2016.
  30. ^ . Hillphoenix.com. Hillphoenix. Archived from the original on January 8, 2016. Retrieved January 27, 2016.
  31. ^ "MARKEM Corporation to Be Acquired by Dover Corporation". BusinessWire.com. Business Wire – A Berkshire Hathaway Company. Retrieved January 27, 2016.
  32. ^ "Markem-Imaje Products Overview". markem-imaje.us. Markem-Imaje. Retrieved January 27, 2016.
  33. ^ a b Alden, M. (June 21, 2016). "Dover Corporation (DOV) Dividend Stock Analysis". Dividend Monk. Retrieved March 3, 2016.
  34. ^ . Reuters.com. Archived from the original on March 4, 2016. Retrieved January 27, 2016.
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  39. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For fiscal year ended December 31, 2009 ... Dover Corporation". United States Securities and Exchange Commission. Retrieved March 3, 2016.
  40. ^ "Waukesha Bearings Acquires KMC and Bearings Plus". Waukesha Bearings Corporation. November 24, 2016. Retrieved March 8, 2016.
  41. ^ "Dover to Acquire the Sound Solutions Business Line of NXP". Knowles.com. Knowles. Retrieved January 27, 2016.
  42. ^ "Dover to Buy Knowles For About $750 Million". The Wall Street Journal. August 22, 2005. Retrieved January 27, 2016.
  43. ^ "Dover Completes Spin Off Of Knowles Corporation". Yahoo!. Retrieved January 27, 2016.
  44. ^ Mann, Darspal. "Recent Spin-Off Knowles Is An Opportunity Worth Investigating". SeekingAlpha.com. Seeking Alpha. Retrieved January 27, 2016.
  45. ^ . Knowles.com. Knowles. Archived from the original on January 21, 2016. Retrieved January 27, 2016.
  46. ^ "Dover Board of Directors Approves Spin-Off of Knowles". Knowles.com. Knowles. Retrieved January 27, 2016.
  47. ^ "Dover sells Sargent Aerospace & Defense unit for $500m". Aerospace Technology. April 26, 2015. Retrieved October 19, 2019.
  48. ^ Hufford, Austen (March 20, 2018). "Dover Picks CEO of Agricultural- Equipment Maker CNH as New Leader". Wall Street Journal. Retrieved January 6, 2022.
  49. ^ Pulsinelli, Olivia (December 8, 2017). "Dover Corp. to spin off upstream business into Houston-area public company". Houston Business Journal. Retrieved January 6, 2022.
  50. ^ Pulsinelli, Olivia (May 9, 2018). "Woodlands-based upstream business completes spinoff from Dover Corp". Houston Business Journal. Retrieved January 6, 2022.
  51. ^ "FORM 10-K" (PDF). Retrieved January 27, 2016.
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  53. ^ "Form 10-Q for DOVER CORP". Yahoo!. Retrieved January 27, 2016.
  54. ^ "Dover Corporation (DOV) Up 3.9% Since Last Earnings Report: Can It Continue?". Zacks Equity Research. November 18, 2021. Retrieved January 11, 2022 – via Yahoo News.
  55. ^ "Dover Corporation 2020 Annual Report" (PDF). Dover Corporation. March 18, 2021. Retrieved January 4, 2022.
  56. ^ a b c d e "Dover (DOV) Buys Espy, Expands Radio Frequency Solutions". Zacks Equity Research. September 17, 2021. Retrieved January 11, 2022 – via Yahoo News.
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  59. ^ "Dover Energy Market". DoverCorporation.com. Dover. Retrieved January 27, 2016.
  60. ^ "Homepage of Cook Compression". CookCompression.com. Cook Compression. Retrieved January 27, 2016.
  61. ^ "Homepage of Dover Artificial Lift". DoverALS.com. Dover Artificial Lift. Retrieved January 27, 2016.
  62. ^ "Homepage of Quartzdyne". Quartzdyne.com. Quartzdyne. Retrieved January 27, 2016.
  63. ^ . Team-TWG.com. TWG. Archived from the original on March 6, 2016. Retrieved January 27, 2016.
  64. ^ "US Synthetic Company Overview". USSynthetic.com. US Synthetic. Retrieved January 27, 2016.
  65. ^ "About Waukesha Bearings". WaukBearing.com. Waukesha Bearings. Retrieved January 27, 2016.
  66. ^ "Engineered Systems Market Overview". DoverCorporation.com. Dover Corporation. Retrieved January 27, 2016.
  67. ^ "Dover Fluids Market Overview". DoverCorporation.com. Dover Corporation. Retrieved January 27, 2016.
  68. ^ "Dover Refrigeration and Food Equipment Market Overview". DoverCorporation.com. Dover Corporation. Retrieved January 27, 2016.
  69. ^ "Anthony International Product Line". AnthonyIntl.com. Anthony International. Retrieved January 27, 2016.
  70. ^ "Hillphoenix Welcome Page". Hillphoenix.com. Hillphoenix. Retrieved January 27, 2016.
  71. ^ "Homepage of Belvac". Belvac.com. Belvac Production Machinery, Inc. Retrieved January 27, 2016.
  72. ^ "SWEP Company Overview". SWEP.net. SWEP. Retrieved January 27, 2016.
  73. ^ "Homepage of unified brands". unifiedbrands.net. unified brands. Retrieved January 27, 2016.
  74. ^ "Electrolux Professional to Buy Unified Brands from Dover for $244M". October 12, 2021. Retrieved December 6, 2021.
  75. ^ "Electrolux Professional has completed the acquisition of Unified Brands". December 1, 2021. Retrieved December 6, 2021.
  76. ^ "Imaging & Identification | Dover Corporation". www.dovercorporation.com. Retrieved September 21, 2020.

External links

  • Business data for Dover Corporation:
    • Google
    • SEC filings
    • Yahoo!

January 31, 2023
dover, corporation, this, article, multiple, issues, please, help, improve, discuss, these, issues, talk, page, learn, when, remove, these, template, messages, this, article, rely, excessively, sources, closely, associated, with, subject, potentially, preventi. This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages This article may rely excessively on sources too closely associated with the subject potentially preventing the article from being verifiable and neutral Please help improve it by replacing them with more appropriate citations to reliable independent third party sources March 2016 Learn how and when to remove this template message This article contains content that is written like an advertisement Please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view December 2021 Learn how and when to remove this template message Learn how and when to remove this template message Dover Corporation is an American conglomerate manufacturer of industrial products 3 The Downers Grove Illinois based company was founded in 1955 3 4 As of 2021 Dover s business was divided into five segments Engineered Products Clean Energy and Fueling Imaging amp Identification Pumps amp Process Solutions and Climate and Sustainability Technologies 5 Dover is a constituent of the S amp P 500 index 6 and trades on the New York Stock Exchange under DOV Dover was ranked 433rd in the 2022 Fortune 500 7 The company relocated its headquarters to Illinois from New York in mid 2010 8 9 Dover CorporationTypePublicTraded asNYSE DOVS amp P 500 componentIndustryConglomerateFounded1955 68 years ago 1955 HeadquartersDowners Grove Illinois U S Area servedWorldwideKey peopleMichael F Johnston chairman Richard J Tobin president amp CEO RevenueUS 7 91 billion 2021 Operating incomeUS 1 28 billion 2021 Net incomeUS 1 12 billion 2021 Total assetsUS 10 40 billion 2021 Total equityUS 4 19 billion 2021 Number of employeesc 25 000 Dec 2021 Footnotes references 1 2 Contents 1 History 1 1 Founding 1 2 Acquisitions 1 3 2000s 2 Segments and operating companies 2 1 Energy 2 2 Engineered Systems 2 3 Fluids 2 4 Refrigeration amp Food Equipment 2 5 Imaging and identification 3 See also 4 References 5 External linksHistory EditFounding Edit In the 1930s and 1940s George Ohrstrom Sr a New York City stockbroker bought four manufacturing companies C Lee Cook Company seals and piston rings Rotary Lift automotive lifts C Norris oil well pump sucker rods 10 and Peerless space heaters 11 Dover Corporation was incorporated in 1947 12 and in 1955 Ohrstrom brought in the former owner and president of C Lee Cook Company Fred D Durham to manage his four companies Later that same year the Dover Corporate offices opened in Washington D C and Dover Corporation went public on the New York Stock Exchange 10 As such the year 1955 marks the company s official founding original research Fred Durham influenced Dover s corporate culture emphasizing autonomy decentralization and few corporate staff members As a result divisions were run in an independent fashion each with its own president 10 Today Dover is still known for its decentralized management structure its governance of operating companies and for its acquisitive approach 13 Label plate for a hydraulic elevator motor for a Dover Corporation elevator Between 1955 and 1979 Dover acquired fourteen companies 10 A great deal of this acquisition activity served to build the Dover Elevator business This elevator growth began in 1955 as Dover Elevator split from Rotary Lift and became an independent operating company within Dover 11 Dover s purchase of the Shepard Warner Elevator Company in 1958 marked the beginning of an effort to grow the elevator business 14 In 1963 Dover acquired Acme Elevator Elevator Service 11 Reddy Elevator Company in 1964 and Hunter Hayes Elevator Company in 1970 With these purchases Dover soon became the third largest elevator company in the U S and remained so for many years 10 Dover continued to expand its elevator division throughout the 1960s and 1970s with the purchases of Moody amp Rowe Burch Turnbull Burlington Hammond amp Champness Louisiana Elevator and W W Moore 11 Ultimately Dover sold its elevator division in 1999 to Thyssen AG for 1 1 billion 15 Dover Elevator had a pretax operating profit of 93 million in 1997 16 The sale allowed Dover to focus on building its other businesses and moved ThyssenKrupp Elevator Americas to the number three spot worldwide in the elevator and escalator industry 17 clarification needed Acquisitions Edit Dover s acquisition history reaches beyond the elevator industry With a focus on diversification in the 1960s 14 such as the acquisition of Ohio Pattern Works amp Foundry Company in 1961 came notable purchases of companies that continue to be a significant part of Dover Corporation today The company was shorthanded to OPW and in 1949 one of its engineers Leonard H Duerr invented the automatic shutoff fuel dispensing nozzle valve 18 Today the basic technology of Duerr s invention continues to exist in automatic shutoff nozzles 19 and OPW is still a part of Dover specializing in the design and manufacture of commercial and retail fueling 20 In 1962 Dover made two notable acquisitions Detroit Stamping Company now DE STA CO specializing in the design and manufacturing of clamping gripping transferring and robotic tooling 21 and Alberta Oil Tool subsequently part of Dover Artificial Lift before its separation from Dover Corp 22 23 Today Alberta Oil Tool produces specialty drive rods Norris tubular fittings Norriseal control valves and other products 24 1964 marked a significant year as OPW s former leader Thomas Sutton became president of Dover and corporate headquarters were relocated to New York City The 1970s were characterized by Dover s intent to expand beyond its principle industries of building materials equipment and industrial components A result of this effort included the acquisition of Dieterich Standard which manufactured liquid measurement instruments and whose president Gary Roubos went on to become Dover s chief operating officer COO and president in 1977 Later Roubos became Dover s chief executive officer CEO in 1981 14 Another significant acquisition included Sargent Industries a manufacturer of control devices for aerospace and industrial end markets purchased in 1984 for 68 million 25 The Sargent Aerospace amp Defense unit persisted as a global supplier of precision engineered components and aftermarket services performing critical functions on a variety of commercial and military aircraft submarines and land based vehicles 26 In the 1980s Dover also began to focus more on electronics This period was marked by the acquisitions of K amp L Microwave in 1983 Dielectric Laboratories in 1985 and NURAD in 1986 14 Dover later chose to spin off DOVatron in 1993 to shareholders 27 as the company specialized in circuit board assembly and had become a source of competition for Dover customers 14 That same year Dover acquired Phoenix Refrigeration Systems which then acquired Hill Refrigeration in 1994 to form Hillphoenix Hillphoenix now manufactures commercial refrigeration systems and mechanical centers electrical distribution products walk in coolers and freezers and specialty display cases and fixtures 28 The company is a partner of the EPA s GreenChill initiative which focuses on reducing refrigerant emissions and climate change impact 29 Hillphoenix has more equipment installed at GreenChill Certified retail stores than any other refrigeration manufacturer 30 Also in 1994 Dover s COO and President Thomas Reece became CEO of the company 14 The following year Dover purchased an 88 percent interest in the French company Imaje Printing Products for 200 million 10 this acquisition marks the largest in Dover s corporate history 14 In 2006 Dover acquired Markem Corporation which specializes in identification 31 In 2007 the companies merged and were renamed Markem Imaje and have since focused on product coding labeling traceability and identification 32 2000s Edit While Dover acquired more than seventy companies between 1998 and 2002 the company s acquisition rate slowed in the early 2000s Dover sold eight companies in 2001 for a total of 400 million The early 2000s also marked a leadership change Ronald Hoffman Dover s vice president and former president and CEO of Dover Resources become president and COO of Dover Corporation in 2003 In 2005 he was appointed to the position of CEO 14 The financial crisis hit Dover hard but the company recovered quickly 33 clarification needed Dover focused on growing target areas from 2007 to 2009 including electronic communication energy and fluids product identification and refrigeration 14 Dover continued to grow its refrigeration business with the 2012 purchase of Anthony International for 602 5 million Anthony designs and manufactures specialty glass commercial glass refrigeration and freezer doors lighting systems and display equipment 34 In 2008 Robert Livingston was appointed Dover s new CEO and president Livingston s Dover career began twenty nine years earlier with the acquisition of K amp L Microwave where he was a vice president 35 After joining Dover Livingston also served as COO and vice president of Dover Corporation president and CEO of Dover Engineered Systems and president and CEO of Dover Electronics 36 Under Livingston s leadership Dover moved its corporate headquarters from New York City to the Chicago area in 2010 Factors at play in this decision included Chicago s central location wide variety of housing options for employees quality of life and nearby air service to national and global destinations 37 The choice to move to Downers Grove Illinois was also partially impacted by an effort to consolidate operations and reduce administration costs 38 as the move brought all four segment headquarters under one roof 37 From 2008 to 2012 Dover acquired almost twenty five companies Livingston s corporate development strategy sought to strengthen promising businesses and divest those that were either growing slowly or had significant exposure to highly volatile industries As a result Dover was able to apply greater focus to growing four or five targeted end markets Livingston also worked to reduced expenses by consolidating back office operations metal purchases and freight transportation 35 Inpro Seal a producer of bearing isolators was purchased by Waukesha Bearings Corporation in 2009 which included 150 991 shares of Dover s common stock being issued to Inpro Seal shareholders 39 In 2010 KMC Inc and Bearings Plus Inc were acquired by Waukesha Bearings Corporation with the expectation of synergizing their bearing seal technologies with Dover 40 In addition between 2008 and 2010 Dover spent approximately 436 million to purchase a total of sixteen businesses while only 100 million was earned from the sale of eight businesses 33 In 2011 Dover expanded its acoustic components business with the purchase of Sound Solutions a manufacturer of dynamic speakers and receivers for mobile phones and other consumer electronics for 855 million 41 Dover had acquired Knowles a designer and manufacturer of hearing aid technology and other acoustical componentry six years earlier for 750 million 42 Sound Solutions and Knowles gave Dover the necessary scale to develop items for the rapidly evolving mobile electronics industry 35 In 2014 Dover spun off Knowles 43 which had a 2 6 billion market cap post spin 44 Today Knowles continues to be a global supplier of communication technology components such as MEMS micro electro mechanical systems microphones speakers receivers transducers capacitors and oscillators 45 Dover CEO and president Robert Livingston described the spinoff as allowing both Knowles and Dover to more aggressively pursue their individual growth strategies 46 In 2015 Dover sold Sargent Aerospace amp Defense to RBC Bearings 47 In May 2018 Richard J Tobin took over as president and CEO of Dover after previously serving as the company s director 48 In May 2018 Dover spun off a large portion of its Energy segment including upstream energy businesses into a standalone publicly traded company Apergy 49 50 Segments and operating companies EditDover s organization and segment structure has changed over its history For example in 1985 Dover restructured into five major subsidiaries to reflect its key markets of interest For reporting purposes these five major subsidiaries were represented in four sections building industries Dover Elevator International electronic products Dover Technologies petroleum Dover Resources and industrial and aerospace products Dover Industries Dover Sargent In 1989 Dover re segmented into six sectors based on market activity changes Dover Elevator International Dover Technology Dover Resources Dover Industries Dover Diversified and Corporate Companies After selling Dover Elevator these segments became Diversified Electronics Industries Resources Systems and Technologies 51 In 2007 Dover reported four segments Industrial Products Engineered Systems Fluid Management and Electronic Technologies 52 Following 2014 Dover Corporation operated with four segments Energy Engineered Systems Fluids and Refrigeration amp Food Equipment 53 The operating companies that reside within each segment are run like independent companies 13 Dover Corporation is as of 2022 divided into five operating segments Engineered Products Clean Energy and Fueling Imaging and Identification Pumps and Process Solutions and Climate and Sustainability Technologies 54 5 55 The Engineered Products segment provides products software and services for markets that include aerospace defense aftermarket vehicle services industrial automation and waste disposal 56 57 58 This segment includes six operating companies Destaco Environmental Solutions Group Microwave Products Group OK International TWG and Vehicle Service Group 58 The Clean Energy and Fueling segment provides products services software and equipment for retail fueling and clean energy vehicle wash solutions and adjacent markets 56 57 5 This segment includes two operating companies Dover Fueling Solutions and OPW 58 The Imaging and Identification segment supplies equipment and services to the marking and coding product traceability and digital textile printing markets 56 57 58 This segment includes two operating companies Dover Digital Printing and Markem Imaje 58 The Pumps and Process Solutions segment manufactures products for handling fluids across the chemical hygienic biopharma oil and gas and industrial sectors 56 57 58 This segment includes four operating companies CPC Dover Precision Components MAAG Group and PSG 58 The Climate and Sustainability Technologies segment provides equipment and systems to the commercial refrigeration beverage packaging equipment and heating and cooling markets 56 57 5 This segment includes three operating companies Belvac Dover Food Retail and SWEP 58 5 Energy Edit Dover s energy segment works in the drilling and production markets to develop systems that extract oil and gas It is composed of seven operating companies Cook Compression Dover Artificial Lift Dover Energy Automation DEA Accelerated Process Systems TWG US Synthetic and Waukesha Bearings 59 Cook Compression develops engineered compressors 60 while Dover Artificial Lift develops systems for oil and gas production such as rod lifts progressing cavity pumps gas lifts and plunger lift systems 61 DEA includes Quartzdyne which designs develops and manufactures resonating quartz pressure transducers for the downhole oil and gas industry 62 TWG is made up of six companies all of which specialize in industry specific winches and supporting electronic systems 63 US Synthetic produces long lasting diamond inserts for downhole drilling tool applications 64 Finally Waukesha Bearings develops custom engineered fluid film bearings and magnet bearing systems for high performance turbomachinery 65 Engineered Systems Edit The Engineered Systems segment develops products and systems for a variety of industries from printing to waste handling JK Group Markem Imaje MS Printing Solutions and OK International all serve the printing and identification markets Environmental Solutions Group makes systems for the transportation and transformation of solid waste De Sta Co is part of the work holding and flexible automation segment such as clamps and grippers Microwave Products Group serves defense aerospace and telecommunications markets Lastly Performance Motorsports Inc Texas Hydraulics Vehicle Service Group and Warn are focused on the automobile and vehicle service industry 66 Fluids Edit The Fluids segment designs and manufactures products and systems that safely handle critical fluids for the following end markets oil and gas retail fueling vehicle wash chemical hygienic food and pharmaceutical and industrial This segment is composed of Colder Products Company Finder Hydro Systems Company Maag OPW Tokheim Wayne Fueling Systems and Pump Solutions Group 67 Refrigeration amp Food Equipment Edit Dover s Refrigeration amp Food Equipment segment develops equipment and systems for the commercial refrigeration heating and cooling and food and beverage packaging and food service industries 68 Anthony and Hill Phoenix design grocery store refrigerators and freezers Anthony manufactures glass refrigerator and freezer doors lighting systems and display equipment 69 and Hillphoenix manufactures display cases walk in coolers freezers and refrigeration and power systems 70 The packaging industry is served by Belvac Production Machinery Inc which offers systems for the beverage can making industry 71 SWEP specializes in brazed plate heat exchangers with applications in air conditioning refrigeration heating and industry and district energy 72 Unified Brands produces commercial kitchen equipment prior to December 2021 Dover was owned Unified Brands before its sale to Sweden based appliance manufacturer Electrolux Professional 73 74 75 Imaging and identification Edit The Imaging amp Identification segment is involved with the design and manufacture of equipment consumables and software in addition to providing support services for the marking and coding and for digital textile printing markets This segment incorporates Markem Imaje who manufactures product identification and traceability systems including inkjet thermal transfer laser print amp apply label systems and engineering systems It also includes Dover Digital Printing who delivers printing systems through software inks and consumables along with printing systems for the digital textile soft signage and specialty materials markets 76 See also Edit Companies portalList of conglomerates in the United StatesReferences Edit Company Overview of Dover Corporation Bloomberg Retrieved April 26 2018 Dover Corporation 2021 Annual Report Form 10 K U S Securities and Exchange Commission February 11 2022 a b Dover Corp Annual Report for Fiscal Year Ended December 31 2014 Securities and Exchange Commission SEC U S Government Retrieved January 26 2016 NASDAQ Quotes and Stock Report NASDAQ Retrieved January 26 2016 a b c d e Industrial CEOs are still in a mood to spend Bloomberg January 28 2022 Retrieved January 31 2022 Press Release Knowles Set to Join the S amp P MidCap 400 8x8 Universal Insurance to Join S amp P SmallCap 600 PDF S amp P Dow Jones Indices McGraw Hill Financial Retrieved January 26 2016 Dover 2022 Fortune 500 Fortune Retrieved July 3 2022 Dover Corporate Headquarters Moving to Illinois Move Will Bring 100 New Jobs Foster Growth in Northeast Illinois Retrieved May 19 2020 Corfman Thomas A November 12 2009 Company relocating HQ from Park Avenue to Downers Grove Crain s Chicago Business Crain Communications Retrieved December 13 2021 a b c d e f Cohen Paula Salamie David Weaver Christina Dover Corporation Encyclopedia com Thomson Gale Retrieved January 26 2016 a b c d Acquisitions and Divestitures since 1955 Retrieved January 26 2016 Company Profile Dover Reuters com Retrieved January 26 2016 a b Invest In Dover Corporation Like Warren Buffett WarrenBuffet com Retrieved January 26 2016 a b c d e f g h i Dover Corporation Profile Hoovers com Hoover s Retrieved January 26 2016 permanent dead link Welsh Jonathan November 24 1998 Dover Agrees to Sell Elevator Business To Germany s Thyssen for 1 1 Billion The Wall Street Journal Retrieved January 26 2016 Company News Dover Corp Says It Will Spin Off Its Elevator Business The New York Times May 8 1998 Retrieved January 26 2016 Thyssen and Dover in 1 1 Billion Deal The New York Times Bloomberg News November 24 1998 Retrieved January 26 2016 United States Patent 2 582 195 Automatic Shutoff Dispensing Nozzle Valve USPTO gov United States Patent and Trademark Office Retrieved January 26 2016 Evolution of the Fuel Nozzle OPWGlobal com OPW Retrieved January 26 2016 OPW Company History OPWGlobal com OPW Retrieved January 26 2016 History of DE STA CO DESTACO com DE STA CO Retrieved January 27 2016 Dover Artificial Lift Companies DoverALS com Dover Artificial Lift Archived from the original on March 8 2016 Retrieved January 27 2016 Blum Jordan February 15 2018 Dover Corp names new energy spinoff in The Woodlands Houston Chronicle Retrieved January 26 2022 Welcome Page of Alberta Oil Tool AlbertaOilTool com Alberta Oil Tool Retrieved January 27 2016 Sargent Acquired The New York Times June 29 1984 Welcome Page for Sargent SargentAerospace com Sargent Aerospace and Defense Retrieved January 27 2016 DOVER ELECTRONICS COMPANY COMPLETES TAX FREE SPIN OFF TO DOVATRON INTERNATIONAL INC TheFreeLibrary com The Free Library Retrieved January 27 2016 Hillphoenix About Us Hillphoenix com Hillphoenix Archived from the original on February 3 2016 Retrieved January 27 2016 GreenChill Partners EPA gov United States Environmental Protection Agency Retrieved January 27 2016 Hillphoenix Sustainability Center Hillphoenix com Hillphoenix Archived from the original on January 8 2016 Retrieved January 27 2016 MARKEM Corporation to Be Acquired by Dover Corporation BusinessWire com Business Wire A Berkshire Hathaway Company Retrieved January 27 2016 Markem Imaje Products Overview markem imaje us Markem Imaje Retrieved January 27 2016 a b Alden M June 21 2016 Dover Corporation DOV Dividend Stock Analysis Dividend Monk Retrieved March 3 2016 Dover Corporation Acquires Anthony International Reuters com Archived from the original on March 4 2016 Retrieved January 27 2016 a b c Dover Remakes Business Portfolio For Better Sales Growth PDF DJReprints com Dow Jones Reprint Solutions Retrieved January 27 2016 Dover Names Robert A Livingston CEO and Ronald L Hoffman Retires PR Newswire Retrieved January 27 2016 a b Dover Corporate Headquarters Moving to Illinois Move Will Bring 100 New Jobs Foster Growth in Northeast Illinois ChicagoPressRelease com Chicago Press Release Services Retrieved January 27 2016 Corfman Thomas November 12 2009 Company relocating HQ from Park Avenue to Downers Grove ChicagoBusiness com Crain s Chicago Business Retrieved January 27 2016 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 d OF THE SECURITIES EXCHANGE ACT OF 1934 For fiscal year ended December 31 2009 Dover Corporation United States Securities and Exchange Commission Retrieved March 3 2016 Waukesha Bearings Acquires KMC and Bearings Plus Waukesha Bearings Corporation November 24 2016 Retrieved March 8 2016 Dover to Acquire the Sound Solutions Business Line of NXP Knowles com Knowles Retrieved January 27 2016 Dover to Buy Knowles For About 750 Million The Wall Street Journal August 22 2005 Retrieved January 27 2016 Dover Completes Spin Off Of Knowles Corporation Yahoo Retrieved January 27 2016 Mann Darspal Recent Spin Off Knowles Is An Opportunity Worth Investigating SeekingAlpha com Seeking Alpha Retrieved January 27 2016 Knowles Company Overview Knowles com Knowles Archived from the original on January 21 2016 Retrieved January 27 2016 Dover Board of Directors Approves Spin Off of Knowles Knowles com Knowles Retrieved January 27 2016 Dover sells Sargent Aerospace amp Defense unit for 500m Aerospace Technology April 26 2015 Retrieved October 19 2019 Hufford Austen March 20 2018 Dover Picks CEO of Agricultural Equipment Maker CNH as New Leader Wall Street Journal Retrieved January 6 2022 Pulsinelli Olivia December 8 2017 Dover Corp to spin off upstream business into Houston area public company Houston Business Journal Retrieved January 6 2022 Pulsinelli Olivia May 9 2018 Woodlands based upstream business completes spinoff from Dover Corp Houston Business Journal Retrieved January 6 2022 FORM 10 K PDF Retrieved January 27 2016 Dover 2007 Annual Report PDF Retrieved January 27 2016 Form 10 Q for DOVER CORP Yahoo Retrieved January 27 2016 Dover Corporation DOV Up 3 9 Since Last Earnings Report Can It Continue Zacks Equity Research November 18 2021 Retrieved January 11 2022 via Yahoo News Dover Corporation 2020 Annual Report PDF Dover Corporation March 18 2021 Retrieved January 4 2022 a b c d e Dover DOV Buys Espy Expands Radio Frequency Solutions Zacks Equity Research September 17 2021 Retrieved January 11 2022 via Yahoo News a b c d e About Dover Corp Reuters Retrieved January 4 2022 a b c d e f g h Dover Corporation 2020 Company Overview Dover Corporation March 18 2021 Retrieved January 4 2022 Dover Energy Market DoverCorporation com Dover Retrieved January 27 2016 Homepage of Cook Compression CookCompression com Cook Compression Retrieved January 27 2016 Homepage of Dover Artificial Lift DoverALS com Dover Artificial Lift Retrieved January 27 2016 Homepage of Quartzdyne Quartzdyne com Quartzdyne Retrieved January 27 2016 TWG Brand Overview Team TWG com TWG Archived from the original on March 6 2016 Retrieved January 27 2016 US Synthetic Company Overview USSynthetic com US Synthetic Retrieved January 27 2016 About Waukesha Bearings WaukBearing com Waukesha Bearings Retrieved January 27 2016 Engineered Systems Market Overview DoverCorporation com Dover Corporation Retrieved January 27 2016 Dover Fluids Market Overview DoverCorporation com Dover Corporation Retrieved January 27 2016 Dover Refrigeration and Food Equipment Market Overview DoverCorporation com Dover Corporation Retrieved January 27 2016 Anthony International Product Line AnthonyIntl com Anthony International Retrieved January 27 2016 Hillphoenix Welcome Page Hillphoenix com Hillphoenix Retrieved January 27 2016 Homepage of Belvac Belvac com Belvac Production Machinery Inc Retrieved January 27 2016 SWEP Company Overview SWEP net SWEP Retrieved January 27 2016 Homepage of unified brands unifiedbrands net unified brands Retrieved January 27 2016 Electrolux Professional to Buy Unified Brands from Dover for 244M October 12 2021 Retrieved December 6 2021 Electrolux Professional has completed the acquisition of Unified Brands December 1 2021 Retrieved December 6 2021 Imaging amp Identification Dover Corporation www dovercorporation com Retrieved September 21 2020 External links EditBusiness data for Dover Corporation GoogleSEC filingsYahoo Retrieved from https en wikipedia org w index php title Dover Corporation amp oldid 1136078632, wikipedia, wiki, book, books, library,

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