Dover 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."
