Dover Adds Cryogenic Pumps to Its Pumps & Process Solutions Segment

Acquisition Overview - Dover has acquired Cryogenic Machinery Corp (Cryo-Mach), which will be integrated into the PSG business within Dover's Pumps & Process Solutions segment [1] - The acquisition aims to expand Dover's presence in the cryogenic end market [1] Strategic Benefits - Cryo-Mach specializes in designing and manufacturing mission-critical cryogenic centrifugal pumps, mechanical seals, and accessories [2] - The acquisition enhances Dover's capabilities in cryogenic applications, including liquified oxygen, argon, and nitrogen, and strengthens its position in industrial gas and transportation markets [2] - The addition of Cryo-Mach's technology diversifies PSG's portfolio and strengthens its position in the cryogenic end market [2] Management Perspective - Karl Buscher, President of PSG, expressed enthusiasm about adding Cryo-Mach to Dover's portfolio, emphasizing the acquisition's alignment with the company's strategy to expand core markets and access adjacent markets for sustainable, profitable growth [3] Company Background - Dover is a diversified global manufacturer with annual revenue exceeding $7 billion, operating across five segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies [4] - The company employs approximately 24,000 people and is recognized for its entrepreneurial approach and operational agility [4]