Dover Acquires Harbison-Fischer, Inc.

Source: 1/3/2011, Location: North America

Dover Corporation announced that it has acquired Harbison-Fischer, Inc., a leading designer and manufacturer of down-hole rod pumps and related products, for $402.5 million, subject to normal closing adjustments. Based in Crowley, Texas, Harbison-Fischer will become part of Norris Production Solutions ("NPS"). NPS is an operating unit within Dover's Fluid Management segment, and a leading manufacturer and provider of integrated products and solutions across the artificial lift spectrum for oil & gas production.

Harbison-Fischer products are used extensively in artificial lift applications around the world. Under the leadership of the Fischer family since 1933, Harbison-Fischer has developed a strong reputation for innovation and customer service that has enabled it to become the market leader in the rod lift pump space. Harbison-Fischer's 2011 revenue is expected to be approximately $160 million. Dover expects the transaction to be accretive to its earnings per share in 2011.

"This acquisition is an excellent strategic fit for Norris Production Solutions and our Energy platform," said Bill Spurgeon, President and Chief Executive Officer 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. We believe this transaction will increase our scale and allow us to better penetrate the attractive international oil and gas markets. Harbison-Fischer's pump products are already used in conjunction with NPS' Norris sucker rods in many instances, and this acquisition will allow us to strengthen product alignment, leverage marketing, and deliver superior solutions and service to our customers."

Robert A. Livingston, Dover's President and Chief Executive Officer said, "We are excited about the addition of Harbison-Fischer and the opportunities we expect to generate within Norris Production Solutions. The addition of Harbison-Fischer to NPS creates a more significant competitor in artificial lift applications, one that will be able to deliver integrated solutions on a global basis."

"Harbison-Fischer is excited about the opportunities that Dover brings to our employees, customers and community," said C.K. Fischer, Chairman of the Board of Harbison-Fischer. "We have long admired Dover and are proud to be a part of their family of businesses."

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