Dover Corp. acquires Harbison-Fischer, Inc. for $402.5 million

[News_Editor]

Dover Corp. acquires Harbison-Fischer, Inc. for $402.5 million

2011-01-04 08:57:00 GMT+7 (ICT)

DOWNERS GROVE, ILLINOIS (BNO NEWS) -- Dover Corporation on Monday announced that it has acquired Harbison-Fischer, Inc. or $402.5 million.

Harbison-Fischer, which is based in Crowley, Texas, is a designer and manufacturer of down-hole rod pumps and related products and will will become part of Norris Production Solutions (NPS), but the acquisition is subject to normal closing adjustments.  

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, the company has become a stable part of rod lift pump space market.  

Harbison-Fischer's 2011 revenue is expected to be approximately $160 million, and 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," Spurgeon added.

-- © BNO News All rights reserved 2011-01-04

[angiud]