Dover Corporation Acquires US Synthetic Corporation
NEW YORK, Aug 31, 2004 /PRNewswire-FirstCall via COMTEX/ -- Dover Corporation (NYSE: DOV) announced today that its Dover Resources subsidiary has completed the acquisition of US Synthetic Corporation, a leading supplier of polycrystalline diamond cutters (PDCs) used in drill bits for oil and gas exploration. Based in Orem, Utah, US Synthetic will join the Energy Products Group of companies in the Dover Resources subsidiary. Terms of the transaction were not disclosed.
"We are very excited about our future with Dover," said Louis Pope, President and Chief Executive Officer of US Synthetic. "We believe joining Dover will allow US Synthetic to continue to grow, while retaining our character as a company. We see this transaction as beneficial to all the stakeholders in our organization."
"US Synthetic is a fine example of the kind of company that makes up the Energy Products Group, Dover Resources and Dover," said Vernon Pontes, President of the Energy Products Group. "It is a company with a strong management team, a culture of innovation, industry leading R&D capabilities, strong customer relationships and a focus on improving its customer economics."
The companies in Dover's Energy Products Group, which include Norris, Alberta Oil Tool, Quartzdyne, Ferguson Beauregard, Norriseal, and now US Synthetic, provide a variety of products which facilitate the drilling, completion and production of oil and gas wells. Dover Corporation is a diversified industrial manufacturer with over $5 billion in annual revenues and is comprised of approximately 50 operating companies that manufacture specialized industrial products and manufacturing equipment.
Statements in this release may be "forward-looking", which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing and competitive and technological factors, among others, as set forth in the company's SEC filings.
SOURCE Dover Corporation
Paul Goldberg, Assistant Treasurer of Dover Corporation,