Dover Acquires Harbison-Fischer Inc.

$400-million purchase expands role in oil/gas drilling equipment segment

Dover Corporation, which manufactures energy-sector components and equipment, recently acquired oilfield pump designer and manufacturer Harbison-Fischer Inc. for $402.5 million. The forecast for Harbison-Fischer's 2011 revenue is approximately $160 million, and Dover expects the transaction to be accretive to its earnings per share this year.

Texas-based Harbison will become a subsidiary of Norris Production Solutions. NPS is part of Dover’s Fluid Management segment and a manufacturer of artificial lift products for oil and gas production.

"This acquisition is an excellent strategic fit for Norris Production Solutions and our Energy platform," according to Bill Spurgeon, president and CEO of Dover's Fluid Management segment. "The addition of Harbison-Fischer expands NPS' portfolio of industry-leading technology in artificial lift and will enable NPS to deliver highly-valued, comprehensive down-hole rod lift solutions to its customers.”

Spurgeon said the acquisition will improve Dover’s presence in the global oil and gas market. “Harbison-Fischer's pump products are already used in conjunction with NPS' Norris sucker rods in many instances,” he explained, “and this acquisition will allow us to strengthen product alignment, leverage marketing, and deliver superior solutions and service to our customers."

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