Dover Expands Cryogenic Capabilities with Cryo-Mach Acquisition

Dover (NYSE: DOV), a diversified global manufacturer and solutions provider, has announced the acquisition of Cryogenic Machinery Corp. (Cryo-Mach), a North Hollywood-based manufacturer of mission-critical cryogenic centrifugal pumps, mechanical seals, and accessories. The acquisition will be integrated into Dover's PSG business within its Pumps & Process Solutions segment, expanding Dover's presence in the cryogenic end market.

Headquartered in North Hollywood, California, Cryo-Mach is a specialized designer and manufacturer of mission-critical cryogenic centrifugal pumps, mechanical seals, and accessories. Cryo-Mach's products will expand Dover's participation in cryogenic applications, such as liquified oxygen, argon, and nitrogen, and allows further participation in the industrial gas and transportation markets. The acquisition also expands PSG's core portfolio with cryogenic centrifugal pump technology while further diversifying PSG within the cryogenic end market.

"We are thrilled to add Cryo-Mach to our best-in-class portfolio of pump businesses," stated Karl Buscher, President of PSG. "This acquisition strengthens PSG's position within cryogenics and is consistent with our strategic approach of expanding our core and securing access to adjacent markets that enable sustainable, profitable growth."

Terms of the transaction were not disclosed.

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Forward-Looking Statements:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions, and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contact: Media Contact:
Jack Dickens Adrian Sakowicz
Vice President - Investor Relations Vice President? Communications
(630) 743-2566 (630) 743-5039
jdickens@dovercorp.com asakowicz@dovercorp.com

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in Dover's portfolio, enabling the company to operate in extreme conditions and handle liquefied gases at temperatures as low as -320°F (-196°C). This technological addition positions Dover to capture a larger share of the industrial gas equipment market, which is estimated to grow at a CAGR of 6.8% through 2030.

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in Dover's portfolio, enabling the company to operate in extreme conditions and handle liquefied gases at temperatures as low as -320°F (-196°C). This technological addition positions Dover to capture a larger share of the industrial gas equipment market, which is estimated to grow at a CAGR of 6.8% through 2030.

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in Dover's portfolio, enabling the company to operate in extreme conditions and handle liquefied gases at temperatures as low as -320°F (-196°C). This technological addition positions Dover to capture a larger share of the industrial gas equipment market, which is estimated to grow at a CAGR of 6.8% through 2030.

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in Dover's portfolio, enabling the company to operate in extreme conditions and handle liquefied gases at temperatures as low as -320°F (-196°C). This technological addition positions Dover to capture a larger share of the industrial gas equipment market, which is estimated to grow at a CAGR of 6.8% through 2030.

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in Dover's portfolio, enabling the company to operate in extreme conditions and handle liquefied gases at temperatures as low as -320°F (-196°C). This technological addition positions Dover to capture a larger share of the industrial gas equipment market, which is estimated to grow at a CAGR of 6.8% through 2030.

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in Dover's portfolio, enabling the company to operate in extreme conditions and handle liquefied gases at temperatures as low as -320°F (-196°C). This technological addition positions Dover to capture a larger share of the industrial gas equipment market, which is estimated to grow at a CAGR of 6.8% through 2030.

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in Dover's portfolio, enabling the company to operate in extreme conditions and handle liquefied gases at temperatures as low as -320°F (-196°C). This technological addition positions Dover to capture a larger share of the industrial gas equipment market, which is estimated to grow at a CAGR of 6.8% through 2030.

The acquisition of Cryo-Mach by Dover is a strategic move that enhances Dover's market position in the specialized cryogenic pumps sector. This acquisition allows Dover to capture market share in the growing industrial gas sector, particularly in critical applications for liquefied gases like oxygen, nitrogen, and argon. The integration of Cryo-Mach's specialized expertise in cryogenic centrifugal pumps fills a crucial gap in