OPW Signs Definitive Agreement to Acquire Liquip International
11 August 2014
OPW, a global leader in fluid-handling solutions and a business unit within Dover's (NYSE: DOV) Fluids segment, today announced it has signed a definitive agreement to acquire all the outstanding shares of Liquip International headquartered in Smithfield, NSW, Australia. Liquip is a leading Australian designer and manufacturer of bulk liquid handling and storage solutions in the petroleum, aviation, and chemical markets.
David Crouse, President of OPW commented, "The acquisition of Liquip is another important step in the global growth strategy of OPW. Liquip significantly strengthens OPW's fluid handling position in Australia and throughout Asia Pacific. By combining our products, we create a truly best in class product portfolio meeting the unique requirements of our chemical and industrial and tank truck customers."
Liquip expects to generate revenue of approximately USD $40 million in 2014. The transaction is subject to certain customary and other closing conditions, and is expected to close in the third quarter. Terms of the transaction were not disclosed.
OPW is one of Solares Florida key suppliers. Solares maintains complete arms, components, as well as spare parts inventory at the Miami location.