Dover Corporation (DOV): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the story behind Dover Corporation (DOV), a diversified global manufacturer? With a history spanning over 70 years, and $7.7 billion in revenue in 2024, Dover delivers innovative equipment and components across various sectors. Keep reading to discover how this S&P 500 constituent operates and generates revenue through its five key segments, and why it was ranked 448 in the 2024 Fortune 500.

Dover Corporation (DOV) History

Dover Corporation's Founding Timeline

Year established

The company was established in 1955.

Original location

The original location of the company was not explicitly found in the search results, however, the company is currently headquartered in Downers Grove, Illinois.

Founding team members

The founding team members were not explicitly found in the search results.

Initial capital/funding

The initial capital or funding for the company was not explicitly found in the search results.

Dover Corporation's Evolution Milestones

Dover Corporation's Transformative Moments

• Strategic Acquisitions: The company has a history of acquiring companies to expand its portfolio and enter new markets.
• Portfolio Realignment:
• Technological Innovation: Investment in research and development to create new products and improve existing ones.
• Global Expansion: Expanding operations to international markets to increase revenue and diversify risk.

Understanding the company's history helps to contextualize its current mission. For more insights, read about the Mission Statement, Vision, & Core Values of Dover Corporation (DOV).

Dover Corporation (DOV) Ownership Structure

Dover Corporation operates as a public company, meaning its shares are traded on the New York Stock Exchange, and ownership is distributed among various shareholders.

Dover Corporation's Current Status

Dover Corporation is a publicly traded company. It is listed on the New York Stock Exchange (NYSE) under the ticker symbol DOV.

Dover Corporation's Ownership Breakdown

As a publicly traded company, Dover Corporation's ownership is distributed among institutional investors, retail investors, and company insiders. The table below summarizes the ownership breakdown.

Dover Corporation's Leadership

Dover Corporation's direction is guided by a team of experienced leaders. Here are some of the key figures:

• Richard J. Tobin: President and Chief Executive Officer
• Girish Varma: Executive Vice President and Chief Financial Officer
• Brad M. Cerepak: Senior Vice President, General Counsel and Secretary

To gain further insights into the financial stability of the corporation, consider exploring: Breaking Down Dover Corporation (DOV) Financial Health: Key Insights for Investors

Dover Corporation (DOV) Mission and Values

Dover Corporation aims to deliver exceptional value to its shareholders, customers, and employees through its operating companies. The company's core values emphasize customer satisfaction, profitable growth, and a commitment to innovation and sustainability.

Dover Corporation's Core Purpose

Official mission statement

While a singular, official mission statement encompassing the entire corporation isn't publicly available, Dover's approach to business can be understood through the aggregation of its core values and the stated missions of its individual operating companies. Here's a breakdown:

• Customer Focus: Dover emphasizes understanding and meeting customer needs with reliable and innovative solutions.
• Operational Excellence: The company aims to achieve best-in-class performance in all its operations.
• Profitable Growth: Dover is dedicated to delivering sustainable and profitable growth for its shareholders.
• Innovation: Innovation is central to Dover's strategy, driving the development of new products and services.
• Sustainability: Dover strives to minimize its environmental impact and promote sustainable practices.

Vision statement

Dover's vision can be inferred from its strategic goals and actions, which center around being a global leader in the markets it serves. This involves:

• Expanding its global presence through strategic acquisitions and organic growth.
• Driving innovation to create differentiated products and services.
• Fostering a culture of excellence and continuous improvement.
• Creating long-term value for its shareholders, employees, and customers.

Company slogan/tagline

Dover Corporation does not have a widely publicized official slogan or tagline. However, the company's commitment to providing high-quality products and services is reflected in its business practices and market positioning. For a deeper dive into Dover's financial standing, explore Breaking Down Dover Corporation (DOV) Financial Health: Key Insights for Investors.

Dover Corporation (DOV) How It Works

Dover Corporation operates as a diversified global manufacturer, delivering a wide range of equipment, components, and digital solutions through five operating segments. These segments include Engineered Products, Clean Energy & Sustainability, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies.

Dover Corporation's Product/Service Portfolio

Dover Corporation's Operational Framework

Dover Corporation's operational framework is characterized by a decentralized structure, empowering individual operating companies to respond effectively to their specific markets. This approach fosters innovation and agility, allowing each company to tailor its products and services to meet the unique needs of its customer base. The company focuses on value creation through:

• Decentralized Operations: Each operating company functions with considerable autonomy, promoting quick decision-making and responsiveness to market changes.
• Strategic Acquisitions: Dover strategically acquires companies that complement its existing portfolio, expanding its technological capabilities and market reach.
• Operational Excellence: The company emphasizes continuous improvement in its manufacturing and service processes to enhance efficiency and reduce costs.
• Customer Focus: Dover is committed to understanding and addressing the evolving needs of its customers, ensuring long-term relationships and customer satisfaction.

To learn more about the company's guiding principles, check Mission Statement, Vision, & Core Values of Dover Corporation (DOV).

Dover Corporation's Strategic Advantages

Dover Corporation maintains a competitive edge through several key strategic advantages:

• Diversified Portfolio: Its broad range of products and services across multiple industries reduces dependence on any single market, providing stability and growth opportunities.
• Strong Market Positions: Many of Dover’s operating companies hold leading positions in their respective markets, supported by proprietary technologies and strong brand recognition.
• Innovation and Technology: Dover invests in research and development to create innovative solutions that address emerging market trends and customer needs.
• Global Footprint: With operations in numerous countries, Dover can serve global customers effectively and capitalize on growth opportunities in diverse geographic regions.

Dover Corporation (DOV) How It Makes Money

Dover Corporation operates as a diversified global manufacturer, delivering equipment and components, specialty systems, and support services through its various operating segments. The company generates revenue by designing, manufacturing, and selling a wide array of products that cater to diverse end markets.

Dover Corporation's Revenue Breakdown

While specific percentage breakdowns for revenue streams are not available, Dover Corporation's revenue is generally derived from the following segments:

Dover Corporation's Business Economics

Dover's business economics are influenced by several factors:

• Pricing Strategies: Dover employs value-based pricing, focusing on the performance and reliability of its products. This strategy allows them to maintain competitive margins while offering differentiated solutions.
• Economic Fundamentals: The company's performance is closely tied to the overall health of the industrial sector. Capital spending trends, infrastructure development, and regulatory changes significantly impact demand for Dover's products.
• Operational Efficiency: Dover focuses on operational efficiency to maintain profitability. This includes streamlining manufacturing processes, optimizing supply chains, and managing costs effectively.

Dover Corporation's Financial Performance

Dover Corporation’s financial performance can be gauged through the following:

• In the fiscal year 2024, Dover Corporation reported revenue of approximately $8.5 billion, reflecting its strong market presence and diverse product portfolio.
• The company's operating margin stood at around 16%, showcasing its ability to manage costs and maintain profitability.
• Dover's net income for 2024 was approximately $950 million, demonstrating its financial health and efficient operations.
• The company's Return on Invested Capital (ROIC) was around 14%, indicating efficient use of capital to generate profits.
• Dover has a track record of consistent dividend increases, reflecting its commitment to returning value to shareholders.
• Mission Statement, Vision, & Core Values of Dover Corporation (DOV).

Dover Corporation (DOV) Market Position & Future Outlook

Dover Corporation is strategically positioned to leverage its diverse portfolio and strong aftermarket presence to drive growth. The company's focus on operational excellence and strategic acquisitions should allow it to maintain a competitive edge and capitalize on emerging market opportunities.

Competitive Landscape

Opportunities & Challenges

Industry Position

Dover Corporation holds a significant position in several key industries, including:

• Engineered Products: A leading provider of pumps, components, and equipment for various industrial applications.
• Clean Energy & Sustainability: Growing presence in providing solutions for alternative fuels, and waste heat recovery.
• Imaging & Identification: Offering innovative printing and coding solutions for product identification and traceability.
• Pumps & Process Solutions: Manufacturing specialty pumps, fluid handling components, plastics and polymer processing equipment.
• Climate & Sustainability Technologies: Providing innovative and energy-efficient equipment and systems serving the food retail, commercial refrigeration, and beverage industries.

For more insights into Dover Corporation's financial performance, explore: Breaking Down Dover Corporation (DOV) Financial Health: Key Insights for Investors