2023-10-12 02:48:00
WASHINGTON (dpa-AFX) – Dover (DOV) said that it agreed to sell its De-Sta-Co business or ‘DESTACO’, which is part of Dover’s Engineered Products segment, to Stabilus SE for enterprise value of $680 million, 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.
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.
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