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."
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.