DOWNERS
GROVE, Ill., Oct. 11,
2023 /PRNewswire/ -- Dover (NYSE: DOV) today
announced that it has entered into a definitive agreement to sell
its De-Sta-Co business ("DESTACO"), which is part of Dover's
Engineered Products segment, to Stabilus SE (WKN: STAB1L, ISIN:
DE000STAB1L, "Stabilus") for $680
million enterprise value, subject to customary post-closing
adjustments. DESTACO designs, manufactures, and markets workholding
and automation components for industrial automation applications,
and generated revenue of $213 million
in 2022. DESTACO was acquired by Dover in 1962.
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "This transaction will
allow Dover to concentrate our efforts and capital deployment on
growing our core platforms, while DESTACO will benefit from
Stabilus' focus on industrial automation and strong go-to-market
channel in industrial and automotive applications."
The transaction is expected to close in the first half of 2024,
subject to customary closing conditions, including receipt of
regulatory approvals and the finalization of certain local
transactions.
About Dover:
Dover is a diversified global manufacturer and solutions
provider with annual revenue of over $8
billion. We deliver innovative equipment and components,
consumable supplies, aftermarket parts, software and digital
solutions, and support services through five operating segments:
Engineered Products, Clean Energy & Fueling, Imaging &
Identification, Pumps & Process Solutions and Climate &
Sustainability Technologies. Dover combines global scale with
operational agility to lead the markets we serve. Recognized for
our entrepreneurial approach for over 65 years, our team of over
25,000 employees takes an ownership mindset, collaborating with
customers to redefine what's possible. Headquartered in
Downers Grove, Illinois, Dover
trades on the New York Stock Exchange under "DOV." Additional
information is available at dovercorporation.com.
Forward-Looking Statements:
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including statements regarding the anticipated
effects of the transaction. All statements in this document other
than statements of historical fact are statements that are, or
could be deemed, "forward-looking" statements. Forward-looking
statements are subject to numerous important risks, uncertainties,
assumptions, and other factors, some of which are beyond the
Company's control. Factors that could cause actual results to
differ materially from current expectations include, among other
things, general economic conditions and conditions in the
particular markets in which we operate, changes in customer demand
and capital spending, competitive factors and pricing pressures,
our ability to develop and launch new products in a cost-effective
manner, and our ability to realize synergies from newly acquired
businesses. For details on the risks and uncertainties that could
cause our results to differ materially from the forward-looking
statements that may be contained herein, we refer you to the
documents we file with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended
December 31, 2022, and any
subsequently filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. These documents are available from the SEC,
and on our website, www.dovercorporation.com. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Investor
Contact:
|
Media
Contact:
|
Jack Dickens
|
Adrian
Sakowicz
|
Senior Director –
Investor Relations
|
Vice President –
Communications
|
(630)
743-2566
|
(630)
743-5039
|
jdickens@dovercorp.com
|
asakowicz@dovercorp.com
|
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SOURCE Dover