Dover (DOV) Acquires All-Flo, Expands In Specialty Pump Market
Zacks Investment Research | May 08, 2019 08:57AM ET
Dover Corporation (NYSE:DOV) has completed the acquisition of the All-Flo Pump Company, Limited ("All-Flo"). Headquartered in Mentor, Ohio, All-Flo is now part of the Pump Solutions Group (PSG) business within Dover’s Fluids segment.
Notably, All-Flo is a manufacturer of specialty air-operated double-diaphragm ("AODD"), which is used in a wide range of industrial applications to transfer abrasive, viscous and hazardous fluids, sludges and slurries. The acquisition boosts PSG’s leading AODD pump portfolio and expands its geographic presence in the specialty pump market.
Dover’s PSG unit is a global leader in the manufacture of pumps, systems and related technologies. The acquisition strengthens PSG’s leading market position, as well as is in sync with Dover’s strategic approach of deploying capital in close-to-core markets with sustainable growth by creating value for shareholders.
All-Flo generated around $12 million revenues in 2018 and will likely be accretive to Dover’s margins in the Fluids segment. Moreover, the buyout is anticipated to generate double-digit cash Return on Invested Capital (ROIC) within three years.
On Apr 3, Dover’s PSG unit has completed the sale of Finder Pompe S.r.l ("Finder") to Gruppo Aturia S.p.A. The divesture is in line with Dover’s strategy to reduce exposure in highly-cyclical upstream energy markets. It also enabled its PSG business to focus on hygienic pump technologies and positive displacement.
Coming to the price performance, Dover’s shares have appreciated around 26.4% over the past year compared to the Zacks Investment Research
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