Dover acquires US Synthetic Corporation
Sep 01, 2004
Dover Corporation (NYSE: DOV) announced that its Dover Resources subsidiary has completed the acquisition of US Synthetic Corporation, a leading supplier of polycrystalline diamond cutters (PDCs) used in drill bits for oil and gas exploration. Based in Orem, Utah, US Synthetic will join the Energy Products Group of companies in the Dover Resources subsidiary. Terms of the transaction were not disclosed.
We are very excited about our future with Dover," said Louis Pope, President and Chief Executive Officer of US Synthetic. "We believe joining Dover will allow US Synthetic to continue to grow, while retaining our character as a company. We see this transaction as beneficial to all the stakeholders in our organization."
"US Synthetic is a fine example of the kind of company that makes up the Energy Products Group, Dover Resources and Dover," said Vernon Pontes, President of the Energy Products Group. "It is a company with a strong management team, a culture of innovation, industry leading R&D capabilities, strong customer relationships and a focus on improving its customer economics."