Dover has announced that its “Wellsite” upstream energy businesses will be named Apergy. Apergy will be a publicly traded company headquartered in The Woodlands, Texas with the tagline: “Unlocking Energy”. The spin-off transaction is on track for completion in May of 2018, subject to the satisfaction or waiver of certain customary conditions.

“Apergy is the combination of ‘Apex’ and ‘Energy’,” says Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of Dover’s Energy segment, who will become President and Chief Executive Officer of Apergy. “The name is meant to evoke our goal of elevating our customers to their highest potential with customised products and solutions, while also capturing our company’s entrepreneurial spirit, commitment to relentless customer advocacy and focus on driving success with real-time innovation. As Apergy, our heritage of best-in-class, superior products and service at all levels will continue to deliver results for our customers and create shareholder value.”

“Today’s announcement is the next step toward the value-creating spin-off of Apergy,” says Robert A. Livingston, Dover’s President and Chief Executive Officer. “Once complete, I am confident that Apergy will be well-positioned for success due to its differentiated technology, leading brands and superior customer service.”

Tags: Apergy, Dover