Dover Corporation Acquires C-Tech Energy Services Inc.
Resource from: CBCC Likes:3008
Jun 13,2005
NEW YORK, June 8 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that its Dover Corporation Canada subsidiary has completed the acquisition of C-Tech Energy Services Inc., an innovative supplier of continuous rod technology for oil and gas production and other upstream oil and gas equipment. Based in Edmonton, Alberta, C-Tech will join the Energy Products Group of companies in Dover's Dover Resources subsidiary.
"We are very excited about our future with Dover," said Mark Widney, C-Tech's President. We believe joining Dover will allow C-Tech to continue to grow, and better serve oil producers both domestically and globally. This transaction will combine the technical leader in coiled sucker rod manufacturing and support services with the world leader in conventional sucker rod manufacturing. With the combined resources, the company will be able to develop and provide even more technical solutions for its customers' artificial lift needs.
"C-Tech is a fine example of the kind of company that makes up the Energy Products Group, Dover Resources and Dover" said Vernon Pontes, President of the Energy Products Group. "It is a company with a strong management team, a culture of innovation, strong customer relationships and a focus on improving its customer economics."
The companies in Dover's Energy Products Group, which include Norris, Alberta Oil Tool, Quartzdyne, Ferguson Beauregard, Norriseal, and US Synthetic, provide a variety of products which facilitate the drilling, completion and production of oil and gas wells.
Dover Corporation is a diversified industrial manufacturer with over $5 billion in annual revenues and is comprised of approximately 50 operating companies that manufacture specialized industrial products and manufacturing equipment.
Statements in this release may be "forward-looking," which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing and competitive and technological factors, among others, as set forth in the company's SEC filings.
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