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Dover Sells Hydratight Sweeney

Resource from:  CBCC Likes:3054
May 25,2005
Dover Corporation (NYSE: DOV) announced the sale of its Hydratight Sweeney business to Actuant Corporation of Glendale, Wisconsin. Hydratight Sweeney, with headquarters in Birmingham, United Kingdom, manufactures and provides bolting products and services to the oil and gas, power generation, industrial, and other end-user markets on a global basis. The sale will result in an after-tax gain of approximately $.20 per diluted share, which will be reported as a component of discontinued operations in Dover's second fiscal quarter ending June 30. Total annual sales of Hydratight Sweeney were less than 1% of Dover's total sales. Commenting on the sale, Ron L. Hoffman, President and Chief Executive Officer of Dover said, "The sale of the Hydratight Sweeney business to Actuant, where it will be combined with their Enerpac and Hedley Purvis organizations, will assure a solid continuation of Hydratight Sweeney's growth into the future. Hydratight Sweeney has contributed to Dover's success through the years and this transaction will benefit both Hydratight Sweeney's employees and Dover shareholders." Dover Corporation is a diversified industrial manufacturer with over $5 billion in annual revenues and is comprised of over 50 operating companies that manufacture specialized industrial products and manufacturing equipment.
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