Called “the Nobel prize for manufacturing” by BusinessWeek, The Shingo Prize was established in 1988 for the purpose of educating, assessing and recognizing world-class companies for creating a culture of continuous improvement through employee engagement and effective leadership. The Shingo Prize was named for world-renowned industrial engineer Shigeo Shingo, who distinguished himself as one of the leading experts in improving manufacturing processes.

“In 2008, The Shingo Prize qualification criteria became much more rigorous and focused on behaviors and principles across the enterprise, rather than just in operations,” said Bob Miller, executive director, The Shingo Prize. “US Synthetic is one in only a handful of companies to receive this prestigious award since the bar was raised. We congratulate US Synthetic for the culture and practices which qualify them for The Shingo Prize, and commend them for the world-class company and people we observed while evaluating their business.”

“Unlike many companies that adopt continuous improvement programs to cut costs and regain a competitive financial position, US Synthetic started its Lean journey with a focus on enterprise excellence in serving our customers and delivering value through rapid customization, innovation, on-time delivery, and superior quality,” said Rob Galloway, president and CEO, US Synthetic. “Our lean efforts come from a desire to continually improve what we do, to engage the minds of all our people throughout the entire organization, to effectively deploy company strategy, and to stay ahead of our customers’ expectations from both a capacity and a technology perspective. We are grateful to have been awarded The Shingo Prize, and we view this award as a mile marker on our Lean journey, rather than the finish line.”

As an enterprise, US Synthetic has averaged 23 percent growth in annual revenues since beginning its Lean journey in 2005. This growth would not have been possible without continuous improvement efforts to free up capacity and space for growth, and the ongoing support of its parent company, Dover Corporation. Employee headcount over the same period has risen only 16 percent annually, and building space has only grown by 17 percent annually.

US Synthetic is the first and only company in the upstream oil and gas industry and in the industrial diamond industry to receive the award. Company representatives will attend the 2012 Shingo Prize Global Summit and awards ceremony in Atlanta next spring, where they will be formally recognized, along with other companies around the world, for their achievement.

“This award is a compliment to our people and their attitude towards continuous improvement which aligns with our customers’ needs,” said Eric Pope, vice president of operations, US Synthetic. “Throughout US Synthetic, our people find ways to help our customers succeed in their jobs and with the products they make. Regardless of title or functional area, every US Synthetic employee works together to deliver the value our customers have come to expect from us.”

About US Synthetic

US Synthetic, an operating company within the Energy platform of the Dover Corporation (NYSE: DOV) Fluid Management segment, is the leading provider of polycrystalline diamond cutters (PDCs) for oil and gas exploration, and provides solutions for a variety of additional engineering challenges using the unique material properties of diamond. Thanks to constant innovation, proven quality, and superior customer service, more of the world’s energy suppliers rely on US Synthetic than any other PDC manufacturer. US Synthetic has spent more than two decades perfecting its products to drill faster and last longer—in conditions that test the limits of the most durable drilling equipment. For more information about US Synthetic, please visit www.ussynthetic.com.

About Dover Corporation

Dover Corporation is a global manufacturer providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.

Press Contact
John Pilmer
PilmerPR
jpilmer@pilmerpr.com
801.369.7535

US Synthetic Corporation

“Our radial bearings offer truly disruptive advances with longer life, reduced size, and increased lateral load-carrying capacity,” stated Craig Cooley, general manager the US Synthetic Bearings division. “A single installation can save many thousands of dollars in rig time.”

Compared to tungsten-carbide technology, US Synthetic Radial and Thrust Bearings extend bearing life by four to ten times in the harshest real-world environments. This fully customizable bearing line offers design engineers and tooling manufacturers durable bearings for drilling tools, pumps, and heavy equipment.

Unlike competing offerings, these advanced bearings outperform mud-lubricated tungsten carbide bearings and eliminate the need for seals and special lubrication, using drilling mud or process fluids instead. Jim Isenhour, Drilling Optimization Supervisor, Hard Rock Solutions, stated:  “I believe everyone in the industry would benefit from running these diamond bearings”.

For more information on US Synthetic bearings and down hole drilling components, contact us today or read more about our technology advantage.

US Synthetic
US Synthetic, a Dover Company (NYSE: DOV), is the leading provider of polycrystalline diamond cutters (PDCs) for oil and gas exploration. Thanks to constant innovation, proven quality, and superior customer service, more of the world’s energy suppliers rely on US Synthetic than any other PDC manufacturer. US Synthetic has spent more than a decade perfecting its products to drill faster and last longer—especially in tough conditions that test the limits of the most durable drilling equipment. For more information about US Synthetic, please see their web site at www.ussynthetic.com.

Previously, Galloway was the vice president of operations for US Synthetic.  Effective immediately, Galloway will expand his leadership responsibilities into the overall management of the 600-employee, Utah-based manufacturing company.  This promotion signals the eventual replacement of long-time US Synthetic president and Chief Executive Officer, Louis Pope. Outlining plans for his eventual replacement, Pope announced that Galloway will become the company’s Chief Executive Officer following Pope’s retirement in December 2009.

“I believe that the future of US Synthetic looks bright and is in very capable hands,” explained Louis Pope, president and CEO, US Synthetic.  “Rob and his executive team have tremendous industry experience and understand the unique opportunities and culture that has made US Synthetic so successful over the years. Rob has been a dynamic leader in developing leadership at US Synthetic and moving the company in the direction of Lean manufacturing.”

Galloway joined US Synthetic in October 1997 as a mechanical engineer and managed the company’s product testing facilities.  In 1998, Galloway was promoted to research and development engineer and customer manager.   Four years later, Galloway founded and managed Sundance Diamonds, the company’s gem diamond business division.  In 2004, Galloway assumed the position of production manager and eventually became the vice president of operations in 2006.  Galloway holds a BS in Mechanical Engineering from the University of Utah.

“Our success as a company is squarely built on a foundation of talented, committed employees,” said Rob Galloway, COO, US Synthetic.  “Our industry-leading products, state-of-the-art manufacturing facility, innovative research and development efforts are all tied to US Synthetic employees that take great pride in their work.  My goal is to continue this tradition of excellence—serving our customers with the best products available on the market, delivered on time, every time.”

About US Synthetic
US Synthetic, a Dover Company, is the leading provider of polycrystalline diamond cutters (PDCs) for oil and gas exploration.  Thanks to constant innovation, proven quality, and superior customer service, more of the world’s energy suppliers rely on US Synthetic than any other PDC manufacturer.  US Synthetic has spent more than a decade perfecting its products to drill faster and last longer—especially in tough conditions that test the limits of the most durable drilling equipment. For more information about US Synthetic, please see their web site at www.ussynthetic.com.

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Press Contact
Marc Modersitzki
US Synthetic
marc-at-ussynthetic.com
801-369-8253

UVBB Congratulates Rob Galloway on his remarkable achievement.