Description
Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. 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. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under "DOV". Dover was ranked 429th in the 2020 Fortune 500. The company relocated its headquarters to Illinois from New York in mid-2010.
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. In 2007, Dover reported four segments: Industrial Products, Engineered Systems, Fluid Management, and Electronic Technologies. Following 2014, Dover Corporation operated with four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The operating companies that reside within each segment are run like independent companies.
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. The Engineered Products segment provides products, software, and services for markets that include aerospace, defense, aftermarket vehicle services, industrial automation, and waste disposal. This segment includes six operating companies: Destaco, Environmental Solutions Group, Microwave Products Group, OK International, TWG, and Vehicle Service Group. The Clean Energy and Fueling segment provides products, services, software, and equipment for retail fueling and clean energy, vehicle wash solutions, and adjacent markets. This segment includes two operating companies: Dover Fueling Solutions and OPW. The Imaging and Identification segment supplies equipment and services to the marking and coding, product traceability, and digital textile printing markets. This segment includes two operating companies: Dover Digital Printing and Markem-Imaje. The Pumps and Process Solutions segment manufactures products for handling fluids across the chemical, hygienic, biopharma, oil and gas, and industrial sectors. This segment includes four operating companies: CPC, Dover Precision Components, MAAG Group, and PSG. The Climate and Sustainability Technologies segment provides equipment and systems to the commercial refrigeration, beverage packaging equipment, and heating and cooling markets. This segment includes three operating companies: Belvac, Dover Food Retail, and SWEP.
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.[ Cook Compression develops engineered compressors, while Dover Artificial Lift develops systems for oil-and-gas production, such as rod lifts, progressing cavity pumps, gas lifts, and plunger-lift systems. DEA includes Quartzdyne, which designs, develops, and manufactures resonating quartz pressure transducers for the downhole oil-and-gas industry. TWG is made up of six companies, all of which specialize in industry-specific winches and supporting electronic systems. US Synthetic produces long-lasting diamond inserts for downhole drilling-tool applications. Finally, Waukesha Bearings develops custom-engineered fluid-film bearings and magnet-bearing systems for high-performance turbomachinery.
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.
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.
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. Anthony and Hill Phoenix design grocery store refrigerators and freezers. Anthony manufactures glass refrigerator and freezer doors, lighting systems and display equipment, and Hillphoenix manufactures display cases, walk-in coolers/freezers, and refrigeration and power systems. The packaging industry is served by Belvac Production Machinery, Inc., which offers systems for the beverage can-making industry. SWEP specializes in brazed-plate heat exchangers, with applications in air conditioning, refrigeration, heating, and industry and district energy. 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.
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.
