A major Dundee petrol pump facility is under new ownership after Tokheim Group agreed a $465 million sale to US-based industrial conglomerate Dover.
Around 400 staff at Tokheim’s West Pitkerro Industrial Estate based manufacturing unit were informed of the development yesterday.
Tokheim last night confirmed that all staff at Dundee would transfer to Dover as part of the deal and the factory would continue to operate as normal.
The agreement will see Paris-headquartered Tokheim’s dispenser and system business become part of OPW, a division within Dover’s fluids segment.
New York stock exchange-listed Dover said the acquisition would “further enhance” its retail fuel equipment offering, allowing it to offer a “station-in-a-box” solution to customers.
“We are excited about the acquisition of Tokheim’s dispenser and systems businesses,” said Robert Livingston, Dover president and CEO .
“The acquired technology fits perfectly with OPW’s strong suite of products and systems, and Tokheim’s strong presence in Europe, Africa and Asia complements OPW’s global presence.”
The transaction is expected to finalise early next year once talks with employee representatives, regulatory filings and other approvals have been completed.
Tokheim’s majority shareholder Motion Equity Partners said Dover was a “great company” which was perfectly positioned to grow the dispenser and systems business.
Tokheim CEO Baudouin de la Tour said a”strong partnership” with Dover could boost its sales and service divisions, which are not being sold off.
In a joint statement last night, local management hailed the deal.
“This is great news for our business in Dundee, opening up new opportunities for both our manufacturing and sales and service operations.
“The manufacturing business will benefit from the partnership with Dover’s complementary OPW business, while the sales and service division will have the flexibility and focus to increase the scope it offers its customers.
“Importantly, both businesses will maintain a close working relationship and strong local presence for the foreseeable future.”
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