Industrial products maker Dover Corp (NYSE:DOV) has entered into a definitive agreement to sell its De-Sta-Co business (DESTACO), which is part of its Engineered Products segment, to Stabilus SE (OTC:SIUAF). The enterprise value of the deal totals $680 million.
DESTACO designs, manufactures, and markets workholding and automation components for industrial automation applications. It was acquired by Dover in 1962. In 2022, DESTACO generated revenues of $213 million.
"This transaction will allow Dover to concentrate our efforts and capital deployment on growing our core platforms, while DESTACO will benefit from Stabilus' focus on industrial automation and strong go-to-market channel in industrial and automotive applications," said President and CEO Richard J. Tobin.
The transaction is expected to close in the first half of 2024.
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Price Action: DOV shares closed higher by 0.82% at $142.18 on Wednesday.