DOWNERS
GROVE, Ill., July 22,
2024 /PRNewswire/ -- Dover (NYSE: DOV) today
announced that it has entered into a definitive agreement to sell
its Environmental Solutions Group business ("ESG"), which is part
of Dover's Engineered Products segment, to Terex Corporation (NYSE:
TEX) for $2 billion on a cash- and
debt-free basis, subject to customary post-closing adjustments.
Based in Chattanooga, TN, ESG
is a leading provider of refuse collection vehicles, compactors,
and balers, as well as related aftermarket equipment and digital
offerings, including onboard vehicle safety systems, route
management, predictive maintenance, and customer relationship
management software. ESG generated approximately $750 million of revenue in 2023.
Dover's President and Chief Executive Officer, Richard J.
Tobin, said, "ESG has been a part of the Dover family for decades
and has created significant value for Dover shareholders over this
time period. I would like to recognize and thank ESG President
Pat Carroll and his management team
for the transformational change in the business over the last
decade."
The transaction is expected to close before year-end 2024,
subject to customary closing conditions, including receipt of
regulatory approvals.
Centerview Partners acted as financial advisor and Skadden,
Arps, Slate, Meagher & Flom LLP acted as legal counsel to
Dover.
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
approximately 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 timetable for
completing the transaction. 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, and the ability of both parties to
obtain the necessary regulatory approvals or to satisfy any of the
other conditions to the transaction in a timely manner or at all.
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,
2023, and any subsequently filed Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. These documents are available from
the Securities and Exchange Commission, 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