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US Synthetic Corporation acquired by Dover Corporation
OREM, UT - August 31, 2004 /Send2Press Newswire/ -- US Synthetic Corporation announced
today that it has been acquired by the Dover Resources subsidiary of Dover Corporation
(NYSE: DOV). US Synthetic is the leading supplier of polycrystalline diamond cutters
(PDCs) used in drill bits for oil and gas exploration. US Synthetic also manufactures
downhole bearings for oilfield applications. US Synthetic will join the Energy Products
Group of companies in the Dover Resources subsidiary. Terms of the transaction were not
"We are very excited about our future with Dover," said Louis Pope, President and Chief
Executive Officer of US Synthetic. "We believe joining Dover will allow US Synthetic to
continue to grow, while retaining our character as a company. We have a unique culture,
and we value the 'whatever it takes' approach of our employees. We expect to continue
growing as we focus on helping our customers succeed. We see this transaction as
beneficial to all the stakeholders in our organization."
"US Synthetic is a fine example of the kind of company that makes up the Energy Products
Group, Dover Resources, and Dover," said Vernon Pontes, President of the Energy Products
Group. "It is a company with a strong management team, a culture of innovation,
industry leading R&D capabilities, strong customer relationships, and a focus on
improving customer economics. We are very pleased to welcome Louis Pope and the team at
US Synthetic to Dover."
About Dover's Energy Products Group
The companies in Dover's Energy Products Group provide a variety of products which
facilitate the drilling, completion and production of oil and gas wells. These
companies include Norris (Sucker Rods and Well Servicing Equipment), Alberta Oil Tool
(Sucker Rods, Drive Rods, and Tubular Products), Quartzdyne (Sensors for Precision
measurement of high pressure in oilfield drilling and well monitoring), Ferguson
Beauregard (Plunger Lift Systems, Well Automation systems and Flow Measurement Systems),
Norriseal (Valves and Controls), and now US Synthetic.
Dover Corporation is a diversified industrial manufacturer with over $5 billion in
annual revenues and is comprised of over 49 operating companies that manufacture
specialized industrial products and manufacturing equipment. Visit
www.dovercorporation.com for more information.
About US Synthetic
US Synthetic is the leading supplier of polycrystalline diamond cutters (PDCs) used in
drill bits for oil and gas exploration. US Synthetic also leads in the development and
production of downhole bearings and wear parts for oilfield applications. Each year,
more wells are drilled using diamond products from US Synthetic than from any other
The company stays at the forefront of PDC development through continual
application engineering and product innovation, enabling its products to perform
reliably even in difficult drilling environments. US Synthetic works closely with
customers to develop products that meet their specific needs, which is why more of the
world's energy suppliers rely on US Synthetic to help them access oil and gas reserves.
Visit www.ussynthetic.com for more information.
Organization Website: www.ussynthetic.com
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