As Apergy, our heritage of best-in-class, superior products and service at all levels will continue to deliver results for our customers and create shareholder value.”The Apergy stock trading symbol, logo and full visual identity will be unveiled at a later date. The new corporate name is a combination of "Apex" and "Energy" that will operate as an equipment manufacturer and an oilfield services provider.Much of Dover's energy offerings already are consolidated in the Houston area, including an existing office presence in The Woodlands. The downhole pump can be retrieved by simply reversing fluid flow, eliminating the downtime and costs of wireline or workover rigs. “The name is meant to evoke our goal of elevating our customers to their highest potential with customized products and solutions, while also capturing our company’s entrepreneurial spirit, commitment to relentless customer advocacy and focus on driving success with real-time innovation. Dover Artificial Lift was previously Norris Production Solutions. Now, the spinoff can occur when the energy sector is slowly recovering.Dover Corp. President and CEO Robert Livingston said the deal is an important part of Dover's transformation into a company with a narrower focus on its core businesses. Dover also has locations for its Norriseal Wellmark and bearings businesses in Houston.Dover has faced shareholder activism pressure in recent months to shed its energy business, which dragged the company down financially during the recent oil price bust. “Once complete, I am confident that Apergy will be well-positioned for success due to its differentiated technology, leading brands and superior customer service.”“Apergy is the combination of ‘Apex’ and ‘Energy’,” said Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of Dover’s Energy segment, who will become President and Chief Executive Officer of Apergy. There are 146 companies in the Apergy ESP Systems, LLC corporate family. Dover Artificial Lift - ESP Systems specializes in designing and delivering innovative electrical submersible pumping (ESP) systems for the most challenging well environments. As previously announced, Apergy comprises Dover Artificial Lift, Dover Energy Automation and US Synthetic, and is a leading provider of highly engineered technologies that help companies drill for and produce oil and gas efficiently and safely around the world. Dover's artificial lift, energy automation, Cook Compression and Accelerated Companies businesses are all based in The Woodlands now. Apergy ESP Systems, LLC has 122 total employees across all of its locations and generates $41.82 million in sales (USD). The tagline “Unlocking Energy” expresses the company’s mission to fuel partners in the field and better the world in which we all live.“Today’s announcement is the next step toward the value-creating spin-off of Apergy,” said Robert A. Livingston, Dover’s President and Chief Executive Officer. The new company will unveil its stock ticker symbol and logos at a later time, but Apergy already is touting itself with the "Unlocking Energy" tagline.Dover Energy President Sivasankaran "Soma" Somasundaram, who lives in the Houston area, is taking over as president and CEO of Apergy.The newly named "Apergy Energy" will soon call The Woodlands home after the oil and gas company completes its separation from industrial equipment manufacturer Dover Corp. in May.Chicago-based Dover is spinning off its energy business as its own publicly traded company with about 3,000 employees, including roughly 400 in the Houston area. Apergy – Hydraulic Lift’s unrivaled design, manufacturing, service and maintenance deliver hydraulic pumping units that are: Hydraulically Retrievable. Apergy ESP Systems, LLC is located in Broken Arrow, OK, United States and is part of the Oil & Gas Field Services Industry. Dover's artificial lift, energy automation, Cook Compression and Accelerated Companies businesses are all based in The Woodlands now.
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