Dover Corporation: Dover Completes Acquisition Of Wayne Fueling Systems Ltd

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Dover Corporation: Dover Completes Acquisition Of Wayne Fueling Systems Ltd


Acquisition expands Dover's position in the global retail fueling market

Downers Grove, IL, December 12, 2016 - Dover (NYSE: DOV) today announced that it has completed its previously announced acquisition of Wayne Fueling Systems Ltd. ("Wayne"). Wayne will be integrated with Tokheim, which was acquired earlier this year.

Wayne is a global provider of fuel dispensing, payment, systems and aftermarket services for retail and commercial fuel stations.  Wayne's advanced payment and systems solutions position the company to capitalize on the conversion of U.S. based fuel retailers to Europay, MasterCard and Visa ("EMV") chip security technology. Through its global network of distributors and service partners, Wayne's products are sold and supported in over 140 countries.  Wayne is headquartered in Austin, Texas, and has manufacturing operations in Austin, Sweden, China and Brazil.

In connection with the completion of the acquisition, the Company expects to divest Wayne's small distribution business in the United Kingdom in the near future.  This divesture is being undertaken to address the U.K. Competition and Markets Authority's ("CMA") concerns related to competitive overlap in the U.K.

The Company expects the fourth quarter 2016 impact of the Wayne acquisition to be approximately ($0.07) dilutive to earnings per share from continuing operations. This ($0.07) impact, not in the Company's prior guidance, includes Wayne operating earnings offset by deal costs, normal purchase accounting costs, as well as synergy related costs. 

Robert A. Livingston, President & Chief Executive Officer of Dover said, "I am very pleased we have been able to cooperate with the CMA and close this transaction in 2016.  We are well prepared to start integration activities, which will be of paramount importance to us in the coming year. We expect Wayne to be solidly accretive in 2017, including costs to achieve synergies and normal purchase accounting amortization costs.  

"The addition of Wayne now enables us to deliver a true end-to-end solution to the global retail fueling market, and our entire team is excited about serving our customers worldwide with our expanded portfolio of products."

About Dover:
Dover is a diversified global manufacturer with annual revenues approaching $7 billion. We deliver innovative equipment and components, specialty systems and support services through four major operating segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for 60 years, our team of 26,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at

Forward-Looking Statements:
Dover makes information available to the public, orally and in writing, which may use words like "anticipates," "expects," "believes," "indicates," "suggests," "will," "plans" and "should," which are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Dover 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 undertakes no obligation to update any forward-looking statement.

Investor Contact:                                                              
Paul Goldberg                                                                     
Vice President - Investor Relations                                
(212) 922-1640

Media Contact:
Adrian Sakowicz
Vice President - Communications
(630) 743-5039