Dover Expands Presence in Progressive Cavity Pump Market Through Acquisition of Oil Lift Technology, Inc.
DOWNERS GROVE, Ill., Oct. 18, 2011 /PRNewswire-FirstCall/ — Dover Corporation (NYSE: DOV) today announced that it has acquired Oil Lift Technology, a highly-respected designer and manufacturer of progressive cavity pump products within the artificial lift systems market, based in Calgary, Alberta, Canada. Terms of the transaction were not disclosed.
Oil Lift will become part of Norris Production Solutions (“NPS”), an operating unit within Dover’s Fluid Management segment. NPS is a leading manufacturer and provider of integrated products and solutions across the artificial lift spectrum for oil & gas production.
Progressive cavity pumps are one of the fastest growing segments within the artificial lift market. Oil Lift products are used extensively in artificial lift applications around the world, and the company has developed a strong reputation for innovation and customer service that has enabled it to become a market leader. Oil Lift employs over 150 people in facilities within Canada, the US, and Australia. The company has a strong international focus with significant activity in Latin America and the Middle East.
“This acquisition is an excellent strategic fit for Norris Production Solutions that will allow us to offer customers an expanded product line and enhanced technical service capabilities,” said Dan Newman, President of Norris Production Solutions. “Our ability to combine Oil Lift’s premium brand drive systems, power units and pumps with the NPS artificial lift products further supports our long-standing commitment to providing our customers with premium brand solutions for their artificial lift needs. We are pleased to welcome the Oil Lift team to NPS.”
Oil Lift Technology, Inc. is a leader in Progressing Cavity Pumping (PCP) products including drive systems, power units, and pumps for the oil & gas marketplace. Oil Lift is recognized globally for their technology, and service leadership. The company has a global customer base and has products in operation all over the world. The company is headquartered in Calgary, Alberta, Canada.
Norris Production Solutions, is a Dover Corporation operating unit, based in The Woodlands, TX. NPS provides integrated solutions across the artificial lift spectrum for oil & gas industry, delivering the latest technologies, innovations and solutions in rod lifts, sucker rod pumps, plunger lifts and related equipment, well site controls, analytic tools and customer-centric training and educational programs. Visit www.npsdover.com for more information.
Dover Corporation is a global manufacturer providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.
Dover Corporation makes information available to the public, orally and in writing, which may use “forward-looking statements” under the Private Securities Litigation Reform Act of 1995 that concern future events and the performance of Dover Corporation. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.
SOURCE Dover Corporation