30 NOVEMBER 2011
Dover Realigns Business Segments And Announces
Executive Appointments To Support Growth Strategy
Four Segment Structure Organized by End-Market to Enhance Focus, Drive Growth and Leverage Scale
Downers Grove, ILDover Corporation (NYSE: DOV) today announced that the company has realigned into four business segments organized around its key end-markets. Supporting this realignment, the company also announced, effective immediately, the promotions of Jeffrey Niew and John Hartner. The realignment will allow the segments to better focus on end-market growth strategies and capital deployment, while continuing to leverage their scale to capture operational efficiencies. The new structure will also facilitate clearer measurement and benchmarking against other companies in similar end-markets.
The four segments are as follows:
Communication Technologies.With leading positions in the handset and hearing aid component markets, Communication Technologies will benefit from the continuing growth in personal communications. With forecasted 2011 full-year revenue of approximately $1.3 billion, the segment is focused on expanding its leadership position in the wireless communication and medical device markets. Jeffrey Niew, formerly an Executive Vice President in Electronic Technologies, has been appointed President and CEO of Communication Technologies.
Energy.Energy is focused on strong global trends in oil & gas drilling, production and downstream activities, including a significant position in artificial lift technologies. The Energy segment has forecasted 2011 full-year revenue of approximately $1.9 billion. Bill Spurgeon will serve as President and CEO of the Energy segment.
Engineered Systems.Comprised of two platforms, Fluid Solutions and Refrigeration & Industrial, Engineered Systems has forecasted 2011 full-year revenue of approximately $3.3 billion. Fluid Solutions will be focused on positions in refrigeration systems and other industrial equipment. Tom Giacomini will serve as President and CEO of Engineered Systems.
Printing & Identification.Focused on expanding its printing deposition technology beyond core fast-moving consumer goods and electronics markets, Printing & Identification will benefit from growing consumerism in developing economies. The segment has forecasted 2011 full-year revenue of approximately $1.6 billion. John Hartner, formerly Executive Vice President of Engineered Systems, has been appointed President and CEO of Printing & Identification.
Mr. Livingston continued, "I am also pleased to announce the appointments of Jeff Niew and John Hartner as President of their respective segments. Jeff and John have distinguished themselves at Dover for their ability to implement competitive strategies on a global scale. During their tenure, they have played important roles in launching new products with innovative technology, while managing costs and focusing on customer service. Jeff's and John's promotions are coincident with the upcoming retirement of Dave Van Loan and the new responsibilities of Ray Hoglund. On behalf of everyone at Dover, I want to thank Dave and Ray for their many years of leadership and service as Segment Presidents."
The realignment will be reflected in Dover's full-year 2011 financial results. Going forward, Dover will provide customary segment data, including revenue and bookings data, as well as market commentary, on the new segment basis.
The company will discuss this announcement further during its previously announced annual Investor Meeting on Monday, December 5, 2011 in New York. The meeting will begin at 1:00 pm ET and will be available to all interested parties via webcast. The speakers' presentations can be accessed on the Investor Relations section of the Company's website at www.dovercorporation.com. The presentations will also be archived on the website and will be available starting on December 6, 2011 at 12:00 pm ET.
Dover Corporation is a multi-billion dollar diversified global manufacturer. For over 50 years, Dover has been providing its customers with outstanding products and services in industrial technology that reflect the company's commitment to operational excellence, innovation and market leadership. The company focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification. Dover employs over 34,000 people worldwide. The company is headquartered in Downers Grove, Illinois. Additional information is available at www.dovercorporation.com.
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