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Dover Corp., a global manufacturer, has acquired Acme Cryogenics of Allentown for $295 million to complement Dover's clean-energy products. Illinois-based Dover said Acme employs about 205 people and will have 2021 sales of $70 million. Acme was founded in 1969 and is based at 2801 Mitchell Ave. It has generated double-digit revenue growth (excluding effects from acquisitions) from 2018 through 2021. Dover has also agreed to buy Engineered Controls International (known as RegO) of North Carolina for $631 million. Acme and RegO provide products and services for producing, storing and distributing cryogenic (very low temperature) gases, according to a Dover statement. The acquisitions will enhance Dover's offerings for hydrogen, liquefied natural gas (LNG) and liquefied petroleum gas, and in cryogenic industrial gases. "These two acquisitions will scale up our position as a leader in the growing clean and alternative fuel applications," Dover Chief Executive Officer Richard Tobin said in a statement. Acme and RegO will become part of Dover's OPW Global operating unit. Acme's products include super-insulated piping that protects cryogenic liquids, such as nitrogen, oxygen, argon and helium, during transfer from storage tanks to their final uses, according to the Acme website. Dover said the transactions will boost its consolidated Earnings Before Interest Tax Depreciation and Amortization (EBITDA) margins. The company trades on the New York Stock Exchange under the ticker symbol DOV. It was trading at $174.02 at 3:15 p.m. Thursday. Dover has annual revenue of more than $7 billion and employs more than 24,000 people.
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