Dover Corporation DOVhas successfully completed the spin-off of its upstream energy businesses — Wellsite — which has been later named Apergy. Now on, Dover will be a standalone company focused on industrial products and manufacturing equipment, while Apergy will be an independent public company.
Spin-off History
In December 2017, Dover announced a tax-free spin-off of its upstream energy businesses within the Energy segment, which comprises Dover Artificial Lift, Dover Energy Automation, and US Synthetic.
On Apr 18, Dover’s board of directors formally approved the separation of Apergy through tax-free spin-off by distributing of all of the common stock of Apergy held by Dover to its shareholders.