About Dover

Dover Corporation (Dover) operates as a diversified global manufacturer and solutions provider delivering equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. Segments The company operates through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The company’s Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets. The company’s Clean Energy & Fueling segment provides components, equipment, software, solutions and services enabling safe and reliable storage, transport and dispensing of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments. The company’s Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets. The company’s Pumps & Process Solutions segment manufactures specialty pumps and flow meters, highly engineered precision components, specialized instrumentation and digital controls for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and polymer processing, midstream and downstream oil and gas, energy transition, thermal management applications and other end-markets. The company’s Climate & Sustainability Technologies segment is a provider of energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets. Operating Models Dover is adept at operating businesses within two core operating models: Component Businesses: Many of the company’s businesses produce critical components that represent a small portion of a larger system by cost. For example, the company’s industrial and biopharma pumps, biopharma connectors, engineered bearings and compression components, clean energy components, and heat exchangers are all part of larger systems built or employed by the company’s customers. Such components typically serve demanding applications where value-in-use and costs and risks of switching far exceed the cost of the component itself. Equipment with Aftermarket Opportunity: Many of the company’s businesses produce complex and highly engineered equipment and systems that require a significant and predictable volume of parts, consumables, software and services over their life cycle. For example, the company’s marking and coding equipment, plastics and polymer processing equipment, aluminum can-making equipment, and refuse collection vehicles all derive a significant share of revenue and profits from sale of consumables, parts and services into their large installed base. Recurring demand, which includes parts, consumables, services and software, represents approximately 31% of the company’s revenue. Business Strategy The company’s business strategies include capturing growth potential in the company’s end-markets and adjacent market segments, and continuous portfolio enhancement. Engineered Products The company’s Engineered Products segment provides a wide range of equipment, components, software, solutions and services that have broad customer applications across a number of markets, including solid waste handling, aftermarket vehicle service, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing. The company’s waste handling business is a leading North American supplier of equipment, software and services for the refuse collection industry and for on-site processing and compaction of trash and recyclable materials. The company’s vehicle service business provides products, software and services used primarily in vehicle repair and maintenance, including light and heavy-duty vehicle lifts, wheel service equipment, vehicle diagnostics and vehicle collision repair solutions. The company’s industrial automation business provides a wide range of modular automation components, including manual clamps, power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports and manipulators, as well as end-of-arm robotic grippers, slides and end effectors. The company’s industrial winch and hoist business provides a range of winches, hoists, bearings, drives, and electric monitoring systems for infrastructure and other industrial markets. The company’s aerospace and defense business supplies radio frequency and microwave filters and switches, as well as signal intelligence solutions, to enable secure communications in aerospace and defense applications. The segment also includes bench top soldering and fluid dispensing solutions in electronics and industrial product assembly markets. The company’s Engineered Products segment's products are manufactured primarily in the U.S., Europe and Asia; and are sold throughout the world directly and through a network of distributors. Clean Energy & Fueling The company’s Clean Energy & Fueling segment provides components, equipment and software, and service solutions enabling safe storage, transport, handling and dispensing of clean and traditional fuels, cryogenic gases and other hazardous fluids, as well as safe and efficient operation of retail fueling and vehicle wash establishments across the globe. Among solutions supplied by the segment are dispensing equipment and components for gasoline, compressed natural gas (CNG), liquefied natural gas (LNG) and hydrogen (H2) fueling sites, electric vehicle charging stations, payment systems, hardware and underground containment systems, vehicle wash systems, as well as asset tracking, monitoring and operational optimization software. The company’s Clean Energy & Fueling segment's products are manufactured primarily in North America, Europe, Asia, and South America; and are sold throughout the world directly and through a network of distributors. Imaging & Identification The companies in the company’s Imaging & Identification segment are global suppliers of precision marking and coding, product traceability, brand protection, and digital textile printing equipment and solutions, as well as related consumables, software and services. The company’s marking and coding businesses primarily design and manufacture equipment and consumables used for printing variable information (such as bar codes, dates, and serial numbers) on fast-moving consumer goods, provide serialization solutions for pharmaceutical customers, and develop supply chain traceability solutions capitalizing on expanding food and product safety, supply chain traceability and brand protection requirements. In addition, the company’s businesses serving the apparel and textile printing market develop, manufacture and sell equipment, software, consumables and service solutions used in digital textile, soft signage and specialty materials markets. These businesses are benefiting from a secular shift from analog to digital printing due to comparative advantages in customization of garments and sustainability (the digital printing process is significantly more environmentally friendly due to lower water consumption). Businesses within this segment leverage digital printing capabilities and operate business models that involve initial equipment and software sales followed by significant consumable, software and service aftermarket revenue streams. The company’s Imaging & Identification segment's products are manufactured primarily in North America, Europe and Asia; and are sold throughout the world directly and through a network of distributors. Pumps & Process Solutions The businesses in the company’s Pumps & Process Solutions segment manufacture specialty pumps, single-use pumps, connectors and flow meters, plastics and polymers processing equipment, highly-engineered components, specialized instrumentation and digital controls for rotating and reciprocating machinery. The segment's products are used in a wide variety of markets, including plastics and polymers processing, chemicals production, food/sanitary, biopharma, medical, transportation, petroleum refining, natural gas compression, power generation and general industrial applications. The products in this segment are generally used in demanding and specialized operating environments with high performance requirements. Businesses within this segment share the following commonalities: their products are predominantly components or parts of larger equipment and production systems with the company’s products often specified by end customers or regulations, they participate in markets with a diverse and fragmented customer base and where there is a significant demand for aftermarket equipment and parts from a large installed base, and the route-to-market is a mix of distribution and direct sales. The company’s Pumps & Process Solutions segment's products are manufactured primarily in North America, Europe, and Asia; and are sold throughout the world directly and through a network of distributors and original equipment manufacturers. Climate & Sustainability Technologies The company’s Climate & Sustainability Technologies segment is a provider of energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling, and aluminum can-making equipment end-markets. The company’s refrigeration business manufactures refrigeration systems (including environmentally friendly systems like CO2), refrigeration display cases and commercial glass refrigerator and freezer doors for food retail and industrial applications. The company’s heat exchanger business manufactures energy-efficient brazed plate heat exchangers used for residential climate control applications, including heat pumps, as well as industrial heating and cooling applications. The other business in this segment designs and manufactures machinery and associated spare parts used for aluminum can-making, along with providing turnkey can line solutions. The majority of the products that are manufactured or serviced by the Climate & Sustainability Technologies segment are used by the retail food industry, including supermarkets, ‘big-box’ retail and convenience stores, the commercial/industrial refrigeration industry, food production markets and beverage can-making industries. The company’s Climate & Sustainability Technologies segment's products are manufactured primarily in North America, Europe and Asia and are sold globally, directly and through a network of distributors. Customers The company serves thousands of customers, none of which accounted for more than 10% of the company’s consolidated revenue in 2023. Given the company’s diversity of served markets, customer concentrations are not significant. Businesses supplying the environmental solutions, defense, automotive and commercial refrigeration industries tend to deal with a few large customers that are significant within those industries. This also tends to be true for businesses supplying the power generation and chemical industries. In the other markets served, there is usually a much lower concentration of customers, particularly where the company’s companies provide a substantial number of products and services applicable to a broad range of end-use applications. Seasonality The company’s businesses serving the retail fueling market tend to increase in the second half of the year (year ended December 2023) based on the historical purchasing patterns of their customers. The company’s businesses serving the major equipment markets, such as power generation, chemical and processing industries, have longer lead times geared to seasonal, commercial, or consumer demands and customers in these markets tend to delay or accelerate product ordering and delivery to coincide with those market trends, which moderates the aforementioned seasonality patterns. The company’s food retail refrigeration business tends to face higher levels of demand in the second and third quarters as retailers avoid construction and remodeling activity during fall/winter holidays. Research and Development The company’s research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $153.1 million for the year ended December 31, 2023. Competition A summary of the company’s key competitors within each of the company’s segments follows: Engineered Products: Snap-On Inc. (Challenger Lifts, Car-O-Liner), Hennessey Industries, Oshkosh Corp. (McNeilus), Labrie Enviroquip Group, Geotab Inc., AMCS Group, PACCAR (Braden), and Teledyne. Clean Energy & Fueling: Vontier (Gilbarco Veeder-Root, DRB), Tatsuno, Verifone, Franklin Electric, Elaflex, Ingersoll Rand (Emco Wheaton), Dixon Valve & Coupling Company, PDI Technologies, Inc., Salco, Sonny's Enterprises LLC, National Carwash Solutions, and Washtec AG. Imaging & Identification: Veralto Corporation (Videojet), Brother Industries, Ltd. (Domino Printing), Electronics for Imaging (Reggiani), SPG Prints, Konica Minolta, and Kornit Digital Ltd. Pumps & Process Solutions: IDEX Corporation, Ingersoll Rand, Millipore, Danaher Corporation (Pall), Avantor (Masterflex), Nordson Corporation, ITT, SPX Flow Inc. (Waukesha), Spirax Sarco (Watson Marlow), Kingsbury, Seko, Ecolab, Hoerbiger Holdings AG, Miba AG, and Hillenbrand Inc. (Coperion). Climate & Sustainability Technologies: Panasonic (Hussman Corp.), Alfa Laval, Danfoss, Stolle Machinery, and Crown Holdings. International Consistent with the company’s strategic focus on positioning its businesses for growth, the company intends to grow its revenue in international markets, particularly in developing economies in Asia, the Middle East, Eastern Europe, and South America. Most of the company’s non-U.S. subsidiaries and affiliates are based in China, France, Germany, Italy, Sweden, Switzerland, the United Kingdom, and other locations, including Australia, Brazil, Canada, India, Mexico, and the Netherlands. History Dover Corporation was incorporated in 1947 in the state of Delaware.