Maker of fuel pumps and food equipment, Dover Corp. (NYSE: DOV) was prolific in M&A throughout 2016, spending $1.6 billion to acquire six companies. Dover also made two divestitures and negotiated a third, which closed in early 2017, to allow the company to focus on fast-growing core business units.
The most interesting deal Dover made was the $780 million purchase of Wayne Fueling Systems Ltd., which closed in December. The transaction leverages the upgrade to chip-reading payment systems at retailers, including gas stations, throughout the world. Under the Helix, Ovation and Vista brands, Wayne sells equipment for dispensing fuel and making payments at retail and commercial fuel stations. Wayne’s payment systems are expected to help Dover capitalize on the conversion of gas stations to EMV, the chip card technology developed by Europay, MasterCard Inc. (NYSE: MA) and Visa Inc. (NYSE: V). Wayne, headquartered in Austin, Texas, is already contributing to Dover’s revenue growth. The company said the purchase helped Dover’s fluid division grow revenue by 36 percent to $483 million.