Pewaukee, Wisconsin - November 24, 2010 -- Waukesha Bearings Corporation, an operating unit within Dover Corporation's (NYSE: DOV) Fluid Management segment, announced today that it has acquired KMC, Inc. and Bearings Plus, Inc., leaders in the design, analysis and manufacturing of engineered fluid film bearings and seals. KMC is based in West Greenwich, Rhode Island, and Bearings Plus is based in Houston, Texas. Financial terms of the transaction were not disclosed.
The acquisition of KMC and Bearings Plus extends Waukesha's market-leading bearing solutions for oil & gas and large scale power generation applications. The KMC and Bearings Plus brands are well known in the industry for delivering innovative products and superior customer service. Both will benefit greatly from Waukesha's infrastructure and global customer reach, providing opportunities for growth internationally. Waukesha expects to realize additional synergies through Dover's productivity initiatives and by focusing on joint technology development to serve the needs of customers worldwide.
Robert Leisure, President of Waukesha Bearings, said, "The addition of KMC and BPI to Waukesha follows Dover's strategy of acquiring successful companies where significant value can be created through broadening our product offering, expanding our engineering capabilities and leveraging our scale. We're pleased to add such a well respected industry leader with a reputation for innovation and delivering high-performing solutions to customers."
About Waukesha Bearings
Waukesha Bearings Corporation is a leading designer and manufacturer of engineered hydrodynamic bearings, magnetic bearings and sealing products for rotating equipment in oil & gas, power generation, marine and industrial markets. Typical applications include gas, steam and hydro turbines, centrifugal gas compressors, gearboxes, pumps and motors.
Founded in 1946, Waukesha Bearings Corporation has been an operating company of Dover since 1977. The Company is comprised of Waukesha Bearings, Waukesha Magnetic Bearings and Inpro/Seal. Headquartered in Pewaukee, Wisconsin, USA, Waukesha has facilities in the US, UK, Mexico, Russia, India and Japan, and localized sales representation around the world.
About Dover Corporation
Dover Corporation is a global manufacturer of innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.