Dover to Acquire Em-tec GmbH, a Leading Designer and Manufacturer of Flow Measurement Devices
17 March 2020
DOWNERS GROVE, Ill., March 17, 2020 /PRNewswire/ -- Dover (NYSE: DOV) announced today that it has entered into a definitive agreement to acquire Em-tec GmbH ("Em-tec"), a leading designer and manufacturer of flow measurement devices that serve a wide array of medical and biopharmaceutical applications. Following the close of the transaction, Em-tec will become part of the PSG® business unit within Dover's Pumps & Process Solutions segment.
Em-tec is headquartered in Finning, Germany, and has a 30-year history of producing innovative flow measurement equipment used in connection with cardiac, vascular and transplant surgery, dialysis and "life support" procedures, automated bioprocess monitoring, and laboratory and industrial processes where flexible tubing is used. Em-tec has pioneered non-invasive flow measurement using the ultrasound transit-time principle and its devices have demonstrated the ability to deliver superior measurement results relative to competing offerings.
The addition of Em-tec further expands Dover's reach into biopharma and other hygienic applications and enhances its portfolio of flow control technologies with flow rate sensors. "We are excited to bring together Em-tec's flow measurement devices and PSG's Quattroflow™ pump technology to expand our offering to our customers in biopharma and medical applications," said Richard J. Tobin, Dover's President and Chief Executive Officer. "This transaction is another step in advancing Dover's strategy of enhancing the quality of our portfolio with attractive bolt-on acquisitions that offer profitable growth runway and create value for our shareholders."
Terms of the transaction were not disclosed. The transaction is subject to satisfaction of customary closing conditions, including applicable regulatory approvals, and is expected to close in the second quarter of 2020.
Dover is a diversified global manufacturer with annual revenue of over $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions 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 www.dovercorporation.com.
PSG® is a global pump and dispensing 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™, All-Flo, Almatec®, Blackmer®, Ebsray®, EnviroGear®, Griswold®, Hydro Systems, 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 Pumps & Process Solutions segment of Dover Corporation. For additional information on PSG, please visit www.psgdover.com. PSG: Where Innovation Flows.
About Em-tec GmbH:
German-based Em-tec GmbH has been developing and manufacturing products at its location in Finning for the medical and bioprocessing industry for over thirty years. With core competences in the field of non-invasive flow measurement using the ultrasound transit time principle, the Company offers systems and components for medical and non-medical uses. Em-tec offers medical devices under its own brand and as an OEM supplier and important partner to medical technology companies. Em-tec's quality management system is certified according to ISO 13485 and also meets the requirements of the 21 CFR 820 (GMP, US-FDA). For additional information on Em-tec, please visit www.em-tec.com. Em-tec: Passion for Flow.
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, 2019. 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.
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