|Traded as||NYSE: DOV
S&P 500 Component
|Predecessor(s)||Automobile Rotary Lift Company|
|Headquarters||Downers Grove, Illinois, U.S.|
|Key people||Robert W. Cremin
(Chairman of the Board)
Robert A. Livingston
(President), (CEO) & (Director)
|Employees||35,000 (June 2013)|
The Dover Corporation is a Fortune 500 and S&P 500 manufacturer of specialized industrial products and equipment within six segments. Dover Corporation is based in Downers Grove, Illinois, a western suburb of Chicago. The company relocated its headquarters from New York in mid-2010.
Dover Corporation can trace its roots to the Automobile Rotary Lift Company, founded in 1925. In 1955, Dover Corporation was created with Rotary Lift as its first division. Rotary Lift was instrumental in popularizing the modern hydraulic passenger elevator.
Also in 1955, Dover Corp. split Rotary Lift into two separate divisions: Rotary Lift, which continued manufacturing automobile lifts, and Dover Elevator Division, which focused on manufacturing passenger and freight elevators. Dover Corp. sold its elevator division to German industrial conglomerate ThyssenKrupp in 2000.
In 1977, Dover acquired Waukesha Bearings Corporation for $12.5 million in cash from Technicare Corporation. Waukesha Bearings Corporation, a company that sells and manufactures fluid film bearings, then acquired their first overseas company, Federal-Mogul RPG for $31.3 million in 2001. Federal Mogul RPG was known as Glacer Rotation Plain Bearings and included the production of magnetic bearings.
On Jan 21, 2002, Dover restated 2001 full year reporting periods to reflect its adoption of Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets ("FAS 144").
Dover India Pvt. Ltd. (a Dover Corporation company), provides software development, Mechanical Design and product testing services to the group companies of Dover Corporation. Since its inception in 2003, it has grown significantly and now provides diverse services to several Dover group companies.
In 2007 Dover merged its four operating product identification companies into two business groups. Datamax Pioneer and O'Neil Printer Supplies Group merged to become Datamax O'Neil Printer Supplies, and Markem Corporation and Imaje Group became Markem-Imaje.
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. 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. In addition, Dover spent approximately $436 million to purchase 16 total businesses, while only $100 million were gained in the sale of 8 businesses between 2008 and 2010.
Dover Corporation is a multi-billion dollar, global producer of innovative equipment, specialty systems and value-added services for the industrial products, fluid management, engineered systems and electronic technology markets. It is traded on the NYSE under "DOV" with a market capitalization over $10 billion. It is organized into four reporting segments. Acquisitions aid in Dover Corporation's growth .
- Mergers and Acquisitions
- "Dover Reports Fourth Quarter and Full Year 2001 Results".
- Two Dover Corp. Units Merge, Yahoo! Finance, Associated Press, August 8, 2007
- Markem, Imaje merge to form largest product identification specialist, Process Online News, November 27, 2007
- "Dover Attains a New 52-Week High." Yahoo! Finance. Zacks Equity Research, 12 July 2013. Web. 15 July 2013.