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Thursday, October 2, 2014

Dover Corp buys Accelerated Cos for $430 mln, (NYSE: DOV)

Dover Corp, a maker of pumps and compressors, said it bought artificial lift pump maker Accelerated Cos LLC for about $430 million to strengthen its position in the fast-growing U.S. shale market for well development.Woodlands, Texas-based Accelerated makes electric submersible pumps and hydraulic jet pump systems for the oil and gas industries. Accelerated's pumps lift hydrocarbons to the surface.Accelerated will become part of Dover's energy business, which serves the oil, gas and power generation industries. Dover's energy business generated about 26 percent of the company's $8.73 billion in revenue in 2013.Accelerated's 2014 revenue is estimated to be about $225 million, Dover said.

Dover Corporation (Dover) manufactures a range of specialized products and components and also offers related services and consumables. Shares of DOV remained unchanged at $79.44. In the past year, the shares have traded as low as $67.78 and as high as $91.84. On average, 864168 shares of DOV exchange hands on a given day and today's volume is recorded at 0.