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Dover (NYSE: DOV), Downers Grove, IL, has acquired Accelerated Cos. LLC, a manufacturer of artificial lift and fluid handling products to oil and gas production markets, for $430 million.
Headquartered in The Woodlands, Texas, Accelerated supplies electric submersible pumps, hydraulic jet pump systems, gas lift systems, surface pumping and modular process systems for filtration, separation, heating and other fluid handling operations.
Accelerated will become part of Dover Artificial Lift, a business unit within Dover’s energy segment. Dover executives said the acquisition will help the company establish a presence in the fast-growing U.S. shale well development market.