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Dover Corporation is a diversified global manufacturer and solutions provider, operating through five main segments . The company offers a range of products and services, including equipment and components for various industries, solutions for fuel storage and dispensing, marking and coding equipment, specialty pumps, and energy-efficient refrigeration technologies . Dover's business model emphasizes technological differentiation and customer loyalty, with recurring demand representing a significant portion of their revenue .
- Engineered Products - Offers equipment and components for the vehicle aftermarket, waste handling, aerospace, and defense industries .
- Clean Energy & Fueling - Provides solutions for the storage, transport, and dispensing of traditional and clean fuels, as well as cryogenic gases .
- Imaging & Identification - Supplies marking and coding equipment, product traceability solutions, and digital textile printing equipment .
- Pumps & Process Solutions - Manufactures specialty pumps, flow meters, and digital controls for industries such as biopharmaceutical production and chemical processing .
- Climate & Sustainability Technologies - Focuses on energy-efficient equipment for commercial refrigeration and heating and cooling markets .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Richard J. Tobin ExecutiveBoard | President, CEO, and Chairman of the Board | None | Richard J. Tobin has been CEO since May 2018 and was appointed Chairman of the Board in February 2024. He has led Dover's diversified manufacturing operations with a focus on innovation and excellence. | View Report → |
Christopher B. Woenker Executive | Senior Vice President and CFO | None | Christopher B. Woenker became CFO on January 31, 2025, after serving as Segment CFO for multiple divisions. He has been with Dover since 2013 and is recognized for his financial acumen and leadership. | |
Girish Juneja Executive | Senior Vice President and Chief Digital Officer | None | Girish Juneja has been Chief Digital Officer since May 2017, driving digital transformation, cybersecurity, and machine learning initiatives at Dover. | |
Ivonne M. Cabrera Executive | Senior Vice President, General Counsel, and Secretary | None | Ivonne M. Cabrera has been General Counsel since January 2013, overseeing legal and compliance matters for Dover. | |
James M. Moran Executive | Vice President and Treasurer | None | James M. Moran has been Treasurer since November 2015, managing Dover's financial strategies and risk management. | |
Jeffrey Yehle Executive | Senior Vice President and CHRO | None | Jeffrey Yehle joined Dover as CHRO in July 2024, bringing prior HR leadership experience from Gallagher and Sharecare. | |
Ryan W. Paulson Executive | Vice President and Controller | None | Ryan W. Paulson has been Controller since July 2019, previously serving as Assistant Controller and working at PwC as a partner. | |
Danita K. Ostling Board | Independent Director | nVent Electric plc; Circle Internet Financial Limited; Varsity Brands, Inc. | Danita K. Ostling joined Dover's board in August 2023, leveraging her expertise in accounting, ESG reporting, and financial controls from her career at EY. | |
Deborah L. DeHaas Board | Independent Director | CF Industries Holdings, Inc.; Corporate Leadership Center | Deborah L. DeHaas joined Dover's board in 2021 and brings expertise in accounting, ESG, and governance from her career at Deloitte and other organizations. | |
Eric A. Spiegel Board | Independent Director | Brighton Park Capital; Liberty Mutual Holding Company, Inc.; Relatient, Inc. | Eric A. Spiegel has been a director since 2017, bringing leadership experience from Siemens USA and expertise in energy, M&A, and corporate strategy. | |
H. John Gilbertson Jr. Board | Independent Director | Meijer, Inc. | H. John Gilbertson Jr. has been a director since 2018, contributing expertise in corporate finance, capital markets, and M&A. | |
Keith E. Wandell Board | Independent Director | Dana Incorporated | Keith E. Wandell has been a director since 2015, contributing manufacturing expertise from his leadership roles at Harley-Davidson and Johnson Controls. | |
Kristiane C. Graham Board | Independent Director | Habitat for Humanity International; Virginia Museum of Fine Arts Foundation | Kristiane C. Graham, a director since 1999, brings historical perspective and focuses on leadership development and diversity initiatives. | |
Marc A. Howze Board | Independent Director | Lincoln Electric Holdings, Inc.; Nationwide Mutual Insurance Company | Marc A. Howze joined Dover's board in November 2023, bringing leadership experience from Deere & Company and expertise in operations and governance. | |
Michael F. Johnston Board | Lead Independent Director | None | Michael F. Johnston has been a director since 2013 and served as Chairman of the Board from 2016 to 2024 before becoming Lead Independent Director. | |
Michael Manley Board | Independent Director | Rolls-Royce Holdings plc | Michael Manley joined Dover's board in February 2023, bringing extensive leadership experience from AutoNation and Fiat Chrysler Automobiles. |
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Given that the anticipated positive bookings inflection in heat exchangers did not occur in Q3 and you've taken down your forecast for the rest of the year to preserve production performance for 2025, what specific strategies are you implementing to turn around the heat exchanger business, and how confident are you in achieving a market recovery that is margin accretive next year?
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With revenue declines in Climate & Sustainability Technologies due to weak demand in the broader HVAC complex, particularly in European residential heat pumps, how are you addressing these regional challenges, and what measures are being taken to offset the tough comps and weak demand in this segment?
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You mentioned aiming to drive the consolidated segment margin to 25% through portfolio construction, organic investment, and inorganic investment. Given that ESG was a high-growth business with decremental margins, how do you plan to achieve higher growth rates and higher margin profiles in the remaining portfolio to reach this target?
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After the divestiture of your ESG business and the resulting increase in liquidity, you expressed a preference to be active on the M&A front. Can you provide more details on the types of acquisition opportunities you are exploring, and how these acquisitions will contribute to your growth platforms and overall strategic objectives?
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As you plan for 2025 without the same level of countercyclicality in your portfolio, how are you preparing to manage potential macroeconomic risks, and what contingency plans are in place if the expected demand in your growth platforms does not materialize as projected?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in the Engineered Products segment, specifically in areas such as vehicle service and industrial automation. | |
Hennessey Industries | Competes in the Engineered Products segment, likely in vehicle service and industrial automation. |
Competes in the Engineered Products segment, possibly in industrial automation and vehicle service. | |
Labrie Enviroquip Group | Competes in the Engineered Products segment, potentially in waste handling and industrial automation. |
Geotab Inc. | Competes in the Engineered Products segment, likely in industrial automation. |
AMCS Group | Competes in the Engineered Products segment, possibly in waste handling and industrial automation. |
Competes in the Engineered Products segment, potentially in industrial automation. | |
Competes in the Engineered Products segment, likely in industrial automation. | |
Competes in the Clean Energy & Fueling segment, specifically in fueling and vehicle wash systems. | |
Tatsuno | Competes in the Clean Energy & Fueling segment, likely in fueling systems. |
Verifone | Competes in the Clean Energy & Fueling segment, possibly in payment systems. |
Competes in the Clean Energy & Fueling segment, potentially in fueling systems. | |
Elaflex | Competes in the Clean Energy & Fueling segment, likely in fueling systems. |
Competes in both the Clean Energy & Fueling and Pumps & Process Solutions segments, likely in fueling systems and pumps. | |
Dixon Valve & Coupling Company | Competes in the Clean Energy & Fueling segment, possibly in fueling systems. |
PDI Technologies, Inc. | Competes in the Clean Energy & Fueling segment, likely in fueling systems. |
Salco | Competes in the Clean Energy & Fueling segment, possibly in fueling systems. |
Sonny's Enterprises LLC | Competes in the Clean Energy & Fueling segment, likely in vehicle wash systems. |
National Carwash Solutions | Competes in the Clean Energy & Fueling segment, possibly in vehicle wash systems. |
Washtec AG | Competes in the Clean Energy & Fueling segment, likely in vehicle wash systems. |
Competes in the Imaging & Identification segment, specifically in marking and coding. | |
Brother Industries, Ltd. | Competes in the Imaging & Identification segment, likely in marking and coding. |
Electronics for Imaging | Competes in the Imaging & Identification segment, possibly in digital textile printing. |
SPG Prints | Competes in the Imaging & Identification segment, likely in digital textile printing. |
Konica Minolta | Competes in the Imaging & Identification segment, possibly in digital textile printing. |
Competes in the Imaging & Identification segment, likely in digital textile printing. | |
Competes in the Pumps & Process Solutions segment, likely in pumps and flow meters. | |
Millipore | Competes in the Pumps & Process Solutions segment, possibly in pumps and flow meters. |
Competes in the Pumps & Process Solutions segment, likely in pumps and flow meters. | |
Competes in the Pumps & Process Solutions segment, possibly in pumps and flow meters. | |
Competes in the Pumps & Process Solutions segment, likely in pumps and flow meters. | |
Competes in the Pumps & Process Solutions segment, possibly in pumps and flow meters. | |
Competes in the Pumps & Process Solutions segment, likely in pumps and flow meters. | |
Spirax Sarco | Competes in the Pumps & Process Solutions segment, possibly in pumps and flow meters. |
Kingsbury | Competes in the Pumps & Process Solutions segment, likely in pumps and flow meters. |
Seko | Competes in the Pumps & Process Solutions segment, possibly in pumps and flow meters. |
Competes in the Pumps & Process Solutions segment, likely in pumps and flow meters. | |
Hoerbiger Holdings AG | Competes in the Pumps & Process Solutions segment, possibly in pumps and flow meters. |
Miba AG | Competes in the Pumps & Process Solutions segment, likely in pumps and flow meters. |
Competes in the Pumps & Process Solutions segment, possibly in pumps and flow meters. | |
Panasonic | Competes in the Climate & Sustainability Technologies segment, specifically in commercial refrigeration. |
Alfa Laval | Competes in the Climate & Sustainability Technologies segment, likely in commercial refrigeration. |
Danfoss | Competes in the Climate & Sustainability Technologies segment, possibly in commercial refrigeration. |
Stolle Machinery | Competes in the Climate & Sustainability Technologies segment, likely in commercial refrigeration. |
Competes in the Climate & Sustainability Technologies segment, possibly in commercial refrigeration. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Cryogenic Machinery Corp. (Cryo-Mach) | 2025 | Dover Corporation acquired Cryo-Mach for approximately $32.0 million (subject to post‐closing adjustments) and integrated it into its Pumps & Process Solutions segment to expand into the cryogenic end market with specialized centrifugal pump technology. |
Carter Day International, Inc. (Petrochemical Division) | 2025 | The acquisition was announced at a $34.0 million purchase price (inclusive of contingent consideration), integrating the assets into the MAAG unit within the Pumps & Process Solutions segment to enhance its pelletizing-system portfolio for plastics. |
SPS Cryogenics B.V. | 2024 | Acquired on August 9, 2024 for $10,924 (net of cash acquired), the company was integrated into Dover’s Clean Energy & Fueling segment under OPW Clean Energy Solutions to expand its vacuum-insulated piping systems for cryogenic gases. |
Special Gas Systems B.V. (SGS) | 2024 | Acquired alongside SPS Cryogenics on August 9, 2024 for $10,924 (net of cash acquired), SGS was added to the OPW Clean Energy Solutions unit to bolster Dover’s European presence and complement its clean energy offerings with advanced piping systems. |
Criteria Labs, Inc. | 2024 | Acquired on August 9, 2024 for $14,914 (net of cash acquired and including contingent consideration), this deal enhanced the Engineered Products segment’s Microwave Products Group with high-reliability RF and microelectronic solutions for critical applications. |
Marshall Excelsior Company (MEC) | 2024 | Completed on July 19, 2024 with a cash purchase of approximately $395 million, MEC was integrated into the Clean Energy & Fueling segment (under OPW Global) to add high-engineered flow control components for industrial gases, driving significant synergies and margin improvements. |
Demaco Holland B.V. | 2024 | Acquired on July 18, 2024 for approximately $42.6 million (net of cash acquired and inclusive of contingent consideration), the company’s critical flow control components for cryogenic applications were integrated into the OPW Clean Energy Solutions unit to strengthen Dover's global positioning in cryogenic markets. |
Bulloch Technologies, Inc. | 2024 | Acquired on January 31, 2024 for approximately $121.9 million (net of cash acquired, inclusive of contingent consideration), Bulloch expands Dover’s Clean Energy & Fueling offerings with point-of-sale and forecourt solutions targeting the convenience retail industry. |
Transchem Group | 2024 | Acquired on January 17, 2024 for $48,241 (net of cash acquired, including contingent consideration up to ~$18.6 million), this deal broadens the Clean Energy & Fueling segment’s chemical product offerings by introducing advanced wash performance and water reclaim technology. |
FW Murphy Production Controls, LLC | 2023 | Dover entered a definitive agreement on September 29, 2023 to acquire FW Murphy for approximately $530 million (subject to post‑closing adjustments), adding control and optimization solutions for the reciprocating compression industry to its Pumps & Process Solutions segment and supporting its energy transition initiatives. |
Arc Pacific Group | 2023 | Acquired on August 28, 2023 for $8,834 (net of cash acquired and including contingent consideration), this acquisition extends Dover’s reach into can processing equipment production within its Climate & Sustainability Technologies segment. |
Malema Engineering Corporation (Malema) | 2022 | Completed on July 1, 2022 for approximately $224 million (including up to $50 million in contingent consideration), Malema was acquired to expand Dover’s biopharma single-use production capabilities in the Pumps & Process Solutions segment, with full ownership achieved in stages. |
AMN DPI (AMN) | 2022 | Acquired on May 2, 2022 for $8,453 (net of cash acquired), AMN extends Dover’s polymer processing equipment offerings in the Pumps & Process Solutions segment with significant recorded goodwill and customer intangibles. |
Recent press releases and 8-K filings for DOV.
- Dover Corp announced its definitive agreement to acquire SIKORA for €550 million in cash, with the transaction expected to close in the second quarter of 2025.
- SIKORA, founded in 1973 and headquartered in Bremen, Germany, generated approximately €100 million in revenue in 2024 and will join Dover’s MAAG operating unit within the Pumps & Process Solutions segment.
- Adjusted EBITDA margin increased by 240 basis points to 24%, reflecting strong EPS performance and cost actions despite sector headwinds.
- Adjusted earnings improved by 18% to $283M with adjusted EPS rising by 19% to $2.05.
- Q1 2025 revenue reached $1.9B (−1% all-in change, +1% organic growth) with GAAP earnings from continuing operations of $239M (EPS $1.73).
- Organic bookings grew for the sixth consecutive quarter with a book-to-bill ratio over 1, supporting a healthy Q2 backlog.
- Free cash flow achieved $109M (6% of revenue).
- FY 2025 guidance expects organic revenue growth of 2–4%, with GAAP EPS of $8.04–$8.24 and adjusted EPS of $9.20–$9.40, amid ongoing tariff negotiations.
- Dover Corporation announced a new $500 million 364-day revolving credit facility on April 3, 2025, intended for working capital and general corporate purposes, replacing its previous facility that expired on April 3, 2025.
- The credit facility is provided by a syndicate of twelve banks with JPMorgan Chase Bank, N.A. serving as Administrative Agent, and the loans mature on April 2, 2026—with an option to extend to April 2, 2027, subject to certain conditions.
- Business Segment Outlook: The executives detailed performance across key areas including refrigeration equipment, can-making (Belvac), European heat exchangers, and highlighted double-digit growth in the CO2 business, noting that order rates remain healthy and CapEx-sensitive segments are being carefully monitored.
- Clean Energy and Margin Enhancement: The call emphasized the strong growth potential in the clean energy segment—with robust retail fueling and cryogenic operations driving margin improvement (targeting a 40% core margin) through restructuring and synergy extraction.
- Portfolio Management and M&A Activity: Management discussed an active M&A pipeline and disciplined capital allocation strategy, underlining opportunities to deploy billions in capital through acquisitions and potential share buybacks, while capitalizing on tariff benefits as a proximity manufacturer.
- Guidance Amid Uncertainty: Despite macroeconomic uncertainties (including tariff issues and FX headwinds), the company maintained its steady guidance and signaled confidence to adjust on a quarter-by-quarter basis as market conditions evolve.