Dover acquires WellMark Co.
Dover Corp. announced that its energy segment has acquired The WellMark Company headquartered in Oklahoma City, Okla.
WellMark is a manufacturer of valves, instrumentation and chemical injection pumps serving the oil and gas industry. Wellmark products are primarily used at oil and gas well sites for dehydration, compression, and chemical injection applications.
The company also announced that WellMark will be merged with Norriseal, a long-standing business within the energy segment.
Soma Somasundaram, president and CEO of Dover's Energy segment commented, "The acquisition of WellMark is consistent with our strategy of expanding our offering at the well site. WellMark is a strong strategic fit as it adds complementary products and expands geographic coverage of our valve, chemical injection pump and controls offerings. The addition of WellMark's product lines to Norriseal's, along with our recent acquisition of Timberline Manufacturing, underscores our commitment to building customer-focused solutions in these rapidly growing product categories."
Luis Gomez, WellMark's CEO said, "This acquisition provides a long-term strategic home for our business, valued customers, key representative relationships, and employees. It enables us to better support our customers with innovative processes in technology, product development and value added services and applications."
WellMark expects to generate revenue of approximately $55 million in 2014. Terms of the transaction were not disclosed.
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