Dover Corp. (NYSE: DOV) said Feb. 15 its "Wellsite" upstream energy businesses will be named Apergy following completion of the planned spin-off of assets.
Apergy will be a publicly traded company headquartered in The Woodlands, Texas, with the tagline: "Unlocking Energy." The spin-off transaction is on track for completion in May, according to the company release.
"Apergy is the combination of 'Apex' and 'Energy'," Sivasankaran "Soma" Somasundaram, president and CEO of Dover's energy segment, in a statement. "The name is meant to evoke our goal of elevating our customers to their highest potential with customized products and solutions, while also capturing our company's entrepreneurial spirit, commitment to relentless customer advocacy and focus on driving success with real-time innovation. As Apergy, our heritage of best-in-class, superior products and service at all levels will continue to deliver results for our customers and create shareholder value."
Somasundaram will become president and CEO of Apergy, the release said.
"Today's announcement is the next step toward the value-creating spin-off of Apergy," Robert A. Livingston, Dover's president and CEO, said in a statement. "Once complete, I am confident that Apergy will be well-positioned for success due to its differentiated technology, leading brands and superior customer service."
Apergy is set to have operations in eight countries and with more than 3,000 employees globally. The company will consist of Dover Artificial Lift, Dover Energy Automation and US Synthetic. Its portfolio of brands will include Norris, Harbison-Fischer, Accelerated, PCS Ferguson, Norriseal-Wellmark, Spirit, Quartzdyne, Windrock and USS.
Following the completion of the spin-off, Apergy will be well-positioned as a pure-play provider of a full range of oil and gas production equipment and solutions, wellsite productivity software and IIoT solutions. It will also be the industry leader in the development and production of polycrystalline diamond cutters used for oil and gas exploration, according to the release.
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