Dover acquires WellMark
Dover announced that its Energy segment has acquired The WellMark Company headquartered in Oklahoma City, Oklahoma. 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.
WellMark would be merged with Norriseal, a long-standing business within the Energy segment. Norriseal has been delivering valve and control products, customer service and technology to the oil and gas markets for nearly 60 years.
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."
WellMark expects to generate revenue of approximately USD 55M in 2014. Terms of the transaction were not disclosed.