Spotlight Dover Corporation: Engineering Digital Industrial ProductionMay 18, 2022
Dover Corporation is a diversified holding company serving more than 200 product categories in the industrial, energy and manufacturing industries. The company was founded in 1955 when a New York stockbroker brought together four companies in the pump and elevator business. This Knowledge Leader was founded on the principles that businesses, like humans, thrive when they can operate creatively and independently with minimal debt.
Dover’s largest business is Engineered Products (including equipment, components, software and services extending to solid waste handling and aftermarket vehicle repair), followed by Pumps and Process Solutions (including plastics, polymers and highly engineered machinery parts), and Clean Energy and Fueling (handling the storage and transport of fuel, including gas pumps and vehicle wash systems).
Headquartered in Downers Grove, Illinois, the firm’s R&D strategy stands out due to its constant focus on investing in future product development while also paying careful attention to upgrading and improving existing products. The company goes so far as to describe why in its most recent annual report: “We believe that our commitment to continuous engineering improvements, new product development and improved manufacturing techniques, as well as strong sales, marketing and service efforts, are significant to our general leadership positions in the niche markets we serve.”
In addition, in 2018, Dover opened a new facility in Boston aimed at embracing digital transformation across all of its businesses. Dover Digital Labs is focused exclusively on facilitating and accelerating digitization, including machine learning, AI and digital commerce. For example, Dover’s vehicle service group recently launched the first cloud-based diagnostics for the auto repair industry as well as connected devices for waste hauling fleets.
As of 3/31/22, Dover Corporation was held in the Knowledge Leaders Strategy.