Dover Corporation: Dover Announces Apergy Investor Day and Filing of Form 10 Registration Statement for Planned Spin-off
DOVER ANNOUNCES APERGY INVESTOR DAY AND FILING OF FORM 10 REGISTRATION STATEMENT FOR PLANNED SPIN-OFF
Apergy Investor Day to be Held on April 3, 2018
Separation from Dover Remains On-Track for Completion in Early May 2018
DOWNERS GROVE, Ill., March 26, 2018 - Dover (NYSE: DOV) announced today that Apergy Corporation ("Apergy") will host its first Investor Day on Tuesday, April 3, 2018, in New York City. Apergy has also filed its Form 10 registration statement with the U.S. Securities and Exchange Commission ("SEC") in connection with the previously announced spin-off from Dover. The filing is a key step in Dover's plan to separate Apergy into a standalone public company, which is on track for completion in early May 2018.
The filing contains important information on the businesses, financial position and results of Apergy. The filing will be updated with additional information in subsequent amendments as further information on the transaction is finalized prior to separation. Additional information on the financial and operational performance and strategy of Apergy will be provided at Apergy's April 3, 2018, Investor Day, which will be held in New York City, beginning at 1:00 pm ET. The presentation will be available live to all interested parties via webcast. The webcast can be accessed on Dover's website, dovercorporation.com, and Apergy's website, apergy.com. The live webcast will begin at 1:00 p.m. ET on April 3, 2018. A replay of the webcast will be available for six months on both dovercorporation.com and apergy.com.
"We are very excited about our inaugural Apergy Investor Day and look forward to discussing our promising future," 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 filing of the Form 10 represents an important milestone in the process toward establishing Apergy as an independent, publicly-traded company. With our differentiated technology, leading brands and superior customer service, Apergy will be well-positioned to deliver significant benefits to our stakeholders."
The separation remains subject to certain customary conditions, including, among others, assurance that the spin-off of Apergy will be tax-free to Dover and U.S. shareholders, the effectiveness of appropriate filings with the SEC and final approval by Dover`s Board of Directors. Approval by Dover's shareholders is not required for completion of the separation.
The registration statement is accessible by searching for filings by Apergy Corporation (CIK: 1723089) on the SEC's Edgar reporting system, which can be found at http://www.sec.gov/edgar/searchedgar/companysearch.html.
Dover is a diversified global manufacturer with annual revenue of approximately $8 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through four operating segments: Engineered Systems, Fluids, Refrigeration & Food Equipment and Energy. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 29,000 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.
Apergy is a leading provider of highly engineered technologies that help companies drill for and produce oil and gas efficiently and safely around the world. Apergy's products include a full range of equipment essential to efficient functioning throughout the lifecycle of a well - from drilling to completion to production. The company`s principal products consist of artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as polycrystalline diamond cutters for drilling. Apergy also provides a full automation offering consisting of equipment, software, and IIoT solutions for downhole monitoring, wellsite productivity enhancement and asset integrity management.
Dover makes information available to the public, orally and in writing, which may use words like "anticipates," "expects," "believes," "indicates," "suggests," "will," "plans" and "should," which are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to the intended spin-off, its anticipated benefits and other non-historical statements. Dover refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover undertakes no obligation to update any forward-looking statement. Any of these risks and uncertainties, as well as the additional risk factors described in Dover`s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as such factors may be updated from time to time in subsequent filings with the SEC, could cause actual outcomes or results to differ materially from those indicated by the projected information in this press release.
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