13-02-2012

Dover to acquire Maag group

Acquisition to Strengthen Dover's Fluid's Position by Enhancing Technology and Increasing Global Reach. Dover Corporation 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.