Dover may spinoff, sell some energy businesses
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Dover Corp. announced Tuesday it is considering options for some businesses that serve the oil and gas drilling and production industry.
The $7 billion Downers Grove-based manufacturer said it expects to decide by the end of year if it will spinoff or sell the businesses.
The businesses under review — Dover Artificial Lift, Dover Energy Automation and U.S. Synthethic — are expected to have $1 billion in revenue this year, the parent company said.
Dover expects the move will reduce its revenue volatility, according to an SEC filing.
“We are pleased with the performance of the business in 2017 and the momentum heading into 2018, and will leverage these strengths as we complete a review of separation alternatives to assess which option we believe will create the best long-term results for the businesses and the most value for shareholders,” said Robert A. Livingston, Dover’s president and CEO.