Dover Announces Intent to Monetize Wellsite Businesses
On Tuesday, narrow-moat Dover announced that it is seeking strategic alternatives for a collection of upstream energy businesses that represent about three-fourths of the segment’s sales and EBITDA. Dover appears eager to lessen portfolio cyclicality, while taking advantage of the recent recovery in U.S.-based drilling activity to command a better price for this set of businesses. Year-to-date, sales growth and margin expansion in the energy segment began to reverse two long years of sharp decli...Dover is a manufacturer and solutions provider. The company provides services through five segments: Engineered Products, which provides a range of products, software and services; Fueling Solutions, which provides components, equipment and software and service solutions enabling transport of fuels and other hazardous fluids; Imaging and Identification, which includes supplying precision marking and coding; Pumps and Process Solutions, which includes manufacturing of pumps; and Refrigeration and Food Equipment, which provides equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets.
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