DOWNERS GROVE, Ill.,
Feb. 13, 2012 /PRNewswire-FirstCall/
-- Dover Corporation (NYSE: DOV) announced today that it has
signed a definitive agreement to acquire the Maag Group ("Maag").
Maag, which is headquartered in Zurich,
Switzerland, will be part of Downers Grove, Illinois based Pump Solutions
Group (PSG®) within the Fluid Solutions platform of Dover's
Engineered Systems segment. Terms of the transaction were not
disclosed.
Maag is a global leader in premium external gear pump technology
and engineered integrated solutions for the polymer, plastic,
chemical and petrochemical industries. Maag operates
globally, with operations in Switzerland, Germany, the U.S., Italy, and China, as well as additional sales support
offices around the world. Maag posted 2011 revenue of
approximately $170 million.
"The acquisition of Maag further supports our strategic goal of
deploying capital in our key growth spaces and will enhance our
overall fluids position through the expansion of PSG's product
portfolio and technological depth within its core markets of
chemicals and petrochemicals. Consistent with other Dover
businesses, Maag is a global market leader with a strong reputation
as a highly engineered components manufacturer whose foundation is
based on innovation and customized solutions," said Bob Livingston, Dover's President and Chief
Executive Officer.
The transaction is subject to customary closing conditions and
regulatory approvals and is expected to close at end of the first
quarter of 2012. Dover expects this acquisition to be slightly
dilutive to 2012 continuing earnings per share due to integration
and acquisition related costs.
About Dover
Dover Corporation is a multi-billion dollar diversified global
manufacturer. For over 50 years, Dover has been providing its
customers with outstanding products and services that reflect the
company's commitment to operational excellence, innovation and
market leadership. The company focuses on innovative equipment and
components, specialty systems and support services through its four
major operating segments: Communication Technologies, Energy,
Engineered Systems and Printing & Identification. Dover is
headquartered in Downers Grove,
Illinois and employs over 33,000 people
worldwide. Dover Corporation is traded on the New York Stock
Exchange under "DOV". Additional information is available on
the company's website at www.dovercorporation.com.
About PSG
Dover's Pump Solutions Group (PSG®), a global leader in positive
displacement pump and supporting technologies, delivers value added
pumps and systems that serve customers requiring safe and efficient
transfer of critical and valuable materials. PSG features
world-class facilities in the U.S., France, Germany, India, and China. Additional information
is available on the company's website at www.pumpsg.com.
About Maag
Maag is a global leader in highly engineered gear pumps,
filtration systems and pelletizers for plastics, chemicals,
petrochemical and the food industries. Maag is a complete solutions
provider of specialty pumps with a reputation and focus on high
quality customer driven solutions. Maag is headquartered in
Zurich, Switzerland with offices
in Germany, US, France, Italy, Singapore, Malaysia, Taiwan, Brazil and China. Additional information is available on
the company's website at www.maag.com.
Dover Corporation makes information available to the public,
orally and in writing, which may use words like "anticipates,"
"expects," "believes," "indicates," "suggests," "will," "plans" and
"should," which are "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. This press release
contains forward-looking statements concerning future events and
the performance of Dover Corporation that involve inherent risks
and uncertainties that could cause actual results to differ
materially from current expectations, including, but not limited
to, current economic conditions and uncertainties in the credit and
capital markets; the Company's ability to achieve expected savings
from integration, synergy and other cost-control initiatives; the
ability to identify and successfully consummate value-adding
acquisition opportunities; increased competition and pricing
pressures in the markets served by Dover's operating companies; the
ability of Dover's companies to expand into new geographic markets
and to anticipate and meet customer demands for new products and
product enhancements; increases in the cost of raw materials;
changes in customer demand; political events that could impact the
worldwide economy; the impact of natural disasters and their effect
on global energy markets; a downgrade in Dover's credit ratings;
international economic conditions including interest rate and
currency exchange rate fluctuations; the relative mix of products
and services which impacts margins and operating efficiencies;
short-term capacity constraints; domestic and foreign governmental
and public policy changes including environmental regulations and
tax policies (including domestic and international export subsidy
programs, R&E credits and other similar programs); unforeseen
developments in contingencies such as litigation; protection and
validity of patent and other intellectual property rights; the
cyclical nature of some of Dover's companies; domestic housing
industry weakness; and continued events in the Middle East and possible future terrorist
threats and their effect on the worldwide economy. Dover
Corporation refers you to the documents that it files from time to
time with the Securities and Exchange Commission, such as its
reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of
these and other risks and uncertainties that could cause its actual
results to differ materially from its current expectations and from
the forward-looking statements contained in this press release.
Dover Corporation undertakes no obligation to update any
forward-looking statement.
SOURCE Dover Corporation