Dover Corporation has completed its acquisition of India’s Leistung Engineering, adding an Ahmedabad-based maker of valves and filtration systems to its Clean Energy & Fueling segment amid investment in Indian energy infrastructure.
Dover announced completion on Nov. 4. It said Leistung would become part of OPW Fluid Transfer Solutions within the Clean Energy & Fueling segment. The release did not give the date the deal closed, so the completion announcement date is the only date provided for the completed purchase.
Dover announced the agreement on Aug. 18 without disclosing a transaction value. An Oct. 22 Form 10-Q later put preliminary consideration at $40 million, subject to post-closing adjustments. The filing said the transaction remained subject to customary closing conditions, including regulatory approvals. Dover’s Nov. 4 announcement supplied no updated figure, so the final consideration was not reported in that release.
Leistung is based in Ahmedabad, where it makes cryogenic and diaphragm valves, filtration systems and related products. Dover said the acquisition would expand its manufacturing footprint and cryogenic capabilities in India. The company said Leistung’s facility would become a key manufacturing site for its Indian operations.
Dover linked the deal to investment in liquefied natural gas (LNG) terminals and natural gas pipelines in India. It said spending on that infrastructure was driving demand for cryogenic flow-control solutions. Dover presented the acquisition as a way to serve that demand with Leistung’s products and facility.
Dover also reported that Leistung had achieved double-digit organic growth over the three years before the deal was announced. The company pointed to research and new product development, along with Leistung’s engineering workforce, as contributors. OPW President David Malinas said in Dover’s Aug. 18 announcement, “This acquisition strengthens our ability to serve the rapidly growing Indian market.” The completion release gave no estimate of Leistung’s expected financial contribution or integration timetable.
