Dover Corporation finalizes $680m sale of De-Sta-Co business to Stabilus SE

TAGS

Dover Corporation (NYSE: DOV), a leading diversified global manufacturer, has announced the completion of the sale of its De-Sta-Co business to Stabilus SE, a transaction valued at $680 million. This significant move was initially disclosed in October 2023, when Dover entered into a definitive agreement to divest De-Sta-Co, a part of its Engineered Products segment, to Stabilus SE (WKN: STAB1L, ISIN: DE000STAB1L).

De-Sta-Co, with a history dating back to its acquisition by Dover in 1962, specializes in designing, manufacturing, and marketing workholding and automation components. These components play a crucial role in industrial automation applications. In 2022 alone, De-Sta-Co generated revenue of $213 million, underscoring its significance within the industrial sector. The sale encompasses an enterprise value of $680 million, subject to customary post-closing adjustments, highlighting the business’s substantial worth and its pivotal role in industrial automation.

See also  MCF Energy advances European energy security with strategic Czech acquisition

This divestiture represents a strategic pivot for Dover Corporation, allowing the company to focus more intently on its core platforms. Richard J. Tobin, Dover’s President and Chief Executive Officer, emphasized the mutual benefits of the transaction, stating, “This transaction will allow Dover to concentrate our efforts and capital deployment on growing our core platforms, while De-Sta-Co will benefit from Stabilus’ focus on industrial automation and strong go-to-market channel in industrial and automotive applications.”

See also  Creatd, Inc. announces acquisition of TAMI Ventures to drive digital innovation

For Stabilus SE, acquiring De-Sta-Co marks a significant enhancement of its industrial automation capabilities and expands its footprint in both industrial and automotive applications. The acquisition is expected to leverage Stabilus’ existing strengths and channels, fostering growth and innovation within the industrial automation space.

The transaction’s completion, anticipated in the first half of 2024, was contingent upon customary closing conditions, including the receipt of regulatory approvals and the finalization of certain local transactions. This sale not only reflects Dover’s strategic focus on its core operations but also signifies Stabilus SE’s commitment to expanding its reach and capabilities in industrial automation.

See also  Novolecs acquires Stace Group's plant and IP to boost electrical solutions sector

In summary, the sale of De-Sta-Co from Dover Corporation to Stabilus SE is a landmark deal in the industrial automation sector, with significant implications for both companies’ strategic directions and the broader market. As these companies embark on their respective next phases, the industry will undoubtedly watch closely to see how this transaction influences global manufacturing and automation landscapes.

CATEGORIES
TAGS
Share This

COMMENTS

Wordpress (0)