Dover announced that its "Wellsite" upstream energy businesses will be named Apergy. Apergy will be a publicly traded company headquartered in The Woodlands, Texas with the tagline: "Unlocking Energy." The spin-off transaction is on track for completion in May of 2018, subject to the satisfaction or waiver of certain customary conditions.
"Apergy is the combination of ‘Apex' and ‘Energy'," said Sivasankaran "Soma" Somasundaram, President and Chief Executive Officer of Dover's Energy segment, who will become President and Chief Executive Officer of Apergy. "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."
"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."
As previously announced, Apergy 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 oil and gas efficiently and safely around the world. The Company will continue to serve many of the most attractive segments in the oil and gas industry with a portfolio of leading brands, including Norris, Harbison-Fischer, Accelerated, PCS Ferguson, Norriseal-Wellmark, Spirit, Quartzdyne, Windrock and USS. Following the completion of the spin-off, Apergy will be well-positioned as a pure-play provider of a full range of oil and gas production equipment and solutions, wellsite productivity software and IIoT solutions. It will also be the industry leader in the development and production of polycrystalline diamond cutters used for oil and gas exploration. Apergy has operations in 8 countries and employs more than 3,000 associates globally.
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