Dover Corp Buys Accelerated Cost for $430m

Dover Corp, a maker of pumps and compressors, said it bought artificial lift pump maker Accelerated Cos LLC for about $430 million to strengthen its position in the fast-growing U.S. shale market for well development.

Woodlands, Texas-based Accelerated makes electric submersible pumps and hydraulic jet pump systems for the oil and gas industries. Accelerated's pumps lift hydrocarbons to the surface.

Accelerated will become part of Dover's energy business, which serves the oil, gas and power generation industries. Dover's energy business generated about 26 percent of the company's $8.73 billion in revenue in 2013.

Accelerated's 2014 revenue is estimated to be about $225 million, Dover said.

The deal is expected to reduce Dover's continuing earnings by 3 cents per share in the fourth quarter, but add 5 to 6 cents per share to Dover's continuing earnings in 2015, the company said in a statement.

Downers Grove, Illinois-based Dover's shares closed at $79.44 on the New York Stock Exchange on Wednesday.

(Reporting by Ankit Ajmera in Bangalore; Editing by Kirti Pandey and Simon Jennings)