Dover Corporation is to acquire Wayne Fueling Systems Ltd. (Wayne), a global provider of fuel dispensing, payment, systems and aftermarket services for retail and commercial fuel stations. Amongst other outcomes, the acquisition, when added to the 2015 acquisition of Tokheim Group S.A.S.’s dispenser and system businesses for subsidiary OPW, could strengthen the company’s participation in the alternative fuel market, including for Compressed Natural Gas (CNG).
OPW and Tokheim offer products for handling natural gas fuel: Tokheim makes a modular CNG dispenser and OPW makes CNG dispensing componentry. For several years, Wayne has installed CNG dispensing solutions all around world, including the Vista CNG dispenser. According to Wayne’s website, “As the CNG industry continues to grow, our manufacturing can scale to meet a rapidly increasing demand.”
Upon close of the transaction, Dover’s annualized retail fueling revenue will be $1.4 billion when combining Wayne’s product offerings with OPW and Tokheim.
“We are extremely excited about the acquisition of Wayne,” said Robert A. Livingston, President & Chief Executive Officer of Dover. “Wayne’s product line fits perfectly with OPW and Tokheim, particularly Wayne’s US dispenser, payment and systems businesses. Together, the collective business will offer an end-to-end solution that will benefit our customers in the growing global retail fueling market.”
The transaction, which is expected to close in the second half of 2016, is subject to the satisfaction of customary closing conditions, including applicable regulatory approvals.
(Source: Dover Corporation)
