Fluid-handling solutions specialist OPW said on Monday that it has agreed to acquire all outstanding shares of Australian company Liquip International, expanding the company's market reach and the breadth of its product offering.

Both companies provide products for fuel and liquids handling and OPW expects Liquip's technology and expertise to complement its own.

Liquip designs and manufactures bulk liquid handling and storage solutions for the petroleum, aviation and chemical markets, including API bottom loading couplers, loading arms, tank truck valves and fittings, electronic measurement systems for tank trucks, fuel filtration systems and aviation fueling components and services. Based in Smithfield, New South Wales, the business is expected to generate revenue of approximately $40 million in 2014.

OPW, a business unit within the Fluids segment of Dover Corp., supplies fluid handling, management, monitoring and control solutions for handling and distribution of fuels and critical fluids. Its products include retail service station equipment, CNG, hydrogen and LPG nozzles and accessories, electronic tank gauge systems, fleet fuel control systems, car wash systems, loading arms, valves and dry-break couplings, tank truck equipment and rail car valves and equipment.

David Crouse, president of OPW, said that the addition of Liquip would support the company's global growth strategy, strengthening its fluid handling position in Australia and throughout the Asia Pacific region.

"By combining our products, we create a truly best-in-class product portfolio, meeting the unique requirements of our chemical and industrial and tank truck customers," Crouse added.

The acquisition remains subject to certain closing conditions, but is expected to be completed in the third quarter. No financial details were disclosed.