"Unlocking Energy" expresses the company's mission to fuel partners in the field and better the world in which we all live
Dover has decided to name its ‘Wellsite’ upstream energy businesses as Apergy, a publicly traded company with the tagline: ‘Unlocking Energy’. Subject to the satisfaction or waiver of certain customary conditions, the spin-off transaction is on track for completion in May of 2018.
"Apergy is the combination of 'Apex' and 'Energy'. 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," said SivasankaranSomasundaram, President and Chief Executive Officer of Dover's Energy segment, who will become President and Chief Executive Officer of Apergy.
Apergy, as previously announced comprises Dover Artificial Lift, Dover Energy Automation and US Synthetic, and is a leading provider of highly engineered technologies that help companies drill for and produce fuel efficiently and safely around the world. With a portfolio of leading brands, the Company will continue to serve many of the most attractive segments in the fuel industry. Apergy will be well-positioned as a pure-play provider of a full range of fuel production equipment and solutions, wellsite productivity software and IIoT solutions, subsequent to the completion of the spin-off.
"Today's announcement is the next step toward the value-creating spin-off of Apergy," said Robert A. Livingston, Dover's President and Chief Executive Officer. "Once complete, I am confident that Apergy will be well-positioned for success due to its differentiated technology, leading brands and superior customer service." PWKD19022018