Tulsa Winch Group Announces the Acquisition of LANTEC Winch & Gear Inc.
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NEW YORK, March 3 - Tulsa Winch Group, an operating company within the Material Handling platform of Dover Corporation's (NYSE:DOV) Industrial Products segment, and an industry leader in the manufacture of winch, gear box and load systems, announced today the acquisition of Canadian-based LANTEC Winch & Gear, Inc. Terms of the transaction were not disclosed.
Serving a global customer base, LANTEC, based in Langley, British Columbia, manufactures hydraulic winches, hoists and gear reducers, serving the oil and gas, infrastructure and marine markets. With the addition of LANTEC, Tulsa Winch Group is now able to offer a greater palate of products to a broader group of customers.
"LANTEC offers an ideal fit with Tulsa Winch Group not only in terms of its product lines and capabilities, but in its commitment to total excellence," said Steve Oden, president of Tulsa Winch Group. "We look forward to integrating our products and technologies with LANTEC's longstanding reputation for high quality and performance to provide our customers with the most comprehensive array of products and solutions available in the marketplace."
Jeff Morfitt, LANTEC's General Manager added, "We are very excited about our future with the Tulsa Winch Group and Dover. We believe joining the Tulsa Winch Group will allow LANTEC to continue to grow, and even better serve customers both domestically and globally. This transaction will combine the larger capacity products and engineered and special applications capabilities of LANTEC to Tulsa Winch Group's extensive range of products and market presence. With the combined resources, the company will be able to develop and provide even more technical solutions for its customers' needs."
Tulsa Winch Group, a Dover Company, is a worldwide leader in the manufacture of winch, gearbox and load monitoring systems serving the infrastructure, onshore oil and gas, utility, towing and recovery and marine markets. It is comprised of five companies that produce industry-specific geared and electronic solutions including Tulsa Winch, Inc., dp Manufacturing, Inc., Greer Company, Vancouver, B.C.-based Pullmaster Winch Corporation, and now LANTEC. For more information about Tulsa Winch Group, please see their web site at www.team-twg.com.
Dover Corporation, with over $7 billion in annualized revenues, is a global portfolio of manufacturing companies providing 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.
Source: Tulsa Winch Group
CONTACT: Paul Goldberg, Treasurer & Director of Investor Relations,
+1-212-922-1640
Web site: www.team-twg.com/
http://www.dovercorporation.com/
