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8-K - FORM 8-K - DOVER Corp | y92854e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT:
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READ IT ON THE WEB | |
Paul Goldberg
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http://www.dovercorporation.com | |
Treasurer & Director of Investor Relations |
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(212) 922-1640 |
DOVER COMPLETES SALE OF CRENLO AND PALADIN BRANDS
Continues to Execute on Strategy to Reduce Exposure to Construction Related End-Markets
Downers
Grove, IL, September 29, 2011 Dover Corporation (NYSE: DOV) announced today that it
has completed the sale of Crenlo, LLC of Rochester, MN, a leading maker of cab equipment
enclosures, and Paladin Brands of Cedar Rapids, IA, North Americas largest independent
manufacturer of attachment tools, to KPS Capital Partners, LP. Total proceeds from the sale are
$290 million, subject to normal post-closing adjustments.
We are pleased to announce the completion of the sale of Crenlo and Paladin, commented Bob
Livingston, President and CEO of Dover. While both of these companies have strong market
positions, their sale is an important step in Dovers long-term vision of strengthening the
portfolio, improving margins and reducing our exposure to construction related end-markets. This
transaction also provides additional financial capacity to continue Dovers expansion plans in our
key growth spaces through both acquisitions and internal initiatives.
The company anticipates recognizing a
loss on the sale of approximately $0.35 per diluted share, which will be reported as part of
discontinued operations in its third quarter 2011 results.
Dover was advised by Lazard on this transaction.
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.