Founded in 1981, WellMark has its headquarters and manufacturing plant in Oklahoma City. The company has a presence in all the major oil and gas basins in North America and warehousing inventory in 22 strategically located facilities. Wellmark products are primarily used at oil and gas well sites for dehydration, compression, and chemical injection applications.
The WellMark business will be merged with Norriseal, a supplier of valves and control, which is part of Dover’s Energy segment.
Soma Somasundaram, president and CEO of Dover’s Energy segment, said: “The acquisition of WellMark is consistent with our strategy of expanding our offering at the well site. WellMark is a strong strategic fit as it adds complementary products and expands geographic coverage of our valve, chemical injection pump and controls offerings. The addition of WellMark’s product lines to Norriseal’s, along with our recent acquisition of Timberline Manufacturing, underscores our commitment to building customer-focused solutions in these rapidly growing product categories."
Luis Gomez, WellMark's CEO said: “This acquisition provides a long-term strategic home for our business, valued customers, key representative relationships, and employees. It enables us to better support our customers with innovative processes in technology, product development and value added services and applications.”
WellMark is expecting revenues of approximately US$55 million in 2014.