About the Company
Headquartered in Downers Grove, Illinois, Dover Corporation is a global manufacturer offering various innovative products, digital solutions and support services. It has 45 subsidiaries and approximately 40 lines of industrial products which serve the aerospace, petroleum, and electronics markets. The shares of the company are traded on NYSE under the ticker “DOV”.
Dover is the largest elevator producer in the USA; one-third of DOV’s profits come from its elevator business. The company’s business is segregated into five segments - fuelling solutions, refrigeration & food equipment, pumps & process solutions, engineered products, imaging & identification. Each of these segments has its own independently run companies.
DOV was officially founded in 1955 and went public on NYSE in the same year. After eight years, it announced a 3-for-2 stock split and since then has split a number of times.
Between 1955 and 1979, a total of 14 companies were acquired by DOV. Most of these acquisitions significantly contributed to the growth of their elevator business. The purchase of Shepard Warner Elevator Company marked the start of their efforts to expand operations.
In 1999, DOV sold its elevator business to Thyssen AG for approximately $1.1 billion. This sale proved to be beneficial for both parties. ThyssenKrupp became one of the largest elevator businesses in the world, and DOV was able to emphasise on expanding its other businesses.
Since the very beginning, DOV adopted an acquisition-based growth strategy. Till now it has acquired more than 100 manufacturing companies. Moreover, it also manages approximately 30 separate companies.
In 2011, DOV purchased Sound Solutions, a company that manufactured phone receivers, speakers and other electronic components. This purchase significantly helped to grow its acoustic component operations. The cost of acquisition was approximately $855 million. In the same year, one of its subsidiaries, US Synthetic Corporation, was awarded The Shingo Prize for its exceptional operational performance.
Four years later, in 2015, DOV acquired both JK Group and Gala Industries for an estimated $520 million. In the same year, it acquired two more businesses - Gemtron Corporation and Reduction Engineering Scheer. In 2020, DOV was ranked 301st on the list of fortune 500 companies. It also ranks 1143rd on the Forbes Global 2000 list which comprises the world’s largest public companies.;
|Industry||Specialty Industrial Machinery|
|HeadQuarters||Downers Grove, IL|