News Business

Dover buys Accelerated Cos. for $430M

By sarahtr

Manufacturer Dover Corp. has agreed to pay $430 million for Accelerated Cos. LLC., a supplier of hydraulic lifts and pump systems.

Downers Grove-based Dover said Thursday it will add Accelerated to its Dover Artificial Lifts business, which makes equipment for the oil and gas industry.

“The technology Accelerated brings to our portfolio, combined with our existing rod lift products, allows us to offer our customers the right artificial lift solutions for the complete life of their wells,” Dover president and CEO Robert A. Livingston said in a news release.

Dover, an $8 billion company, employs about 28,000 people worldwide. Accelerated’s 2014 sales are expected to be about $225 million.

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