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DOVER CORPORATION

(DOV)
  Report
Delayed Nyse  -  04:00 2022-10-06 pm EDT
123.50 USD   -0.47%
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Dover Corp : Dover to spin off some communication technologies businesses

05/23/2013 | 09:18am EDT

(Reuters) - Industrial conglomerate Dover Corp said it plans to spin off some of its communication technologies businesses into a publicly traded company with annual revenue of about $1.3 billion.

The businesses, to be folded into the company's Knowles Corp subsidiary, will make microphones, speakers, receivers and transducers, among other communication products.

The company said that the transaction would be in the form of a 100 percent distribution of the stock of Knowles, which will be tax-free for Dover and U.S. shareholders.

Dover said its annual revenue for 2013 would be $7.4 billion to $7.6 billion, on a proforma basis, upon completion of the deal, which is expected in early 2014. Revenue in 2012 was $8.1 billion.

Dover said it would record one-time costs of between $60 to $70 million related to the transaction.

The new company's brands will include Knowles, Sound Solutions, Dielectric, Novacap, Syfer and Vectron. Dover bought Knowles Corp, a maker of acoustic products, in 2005 for $750 million.

The expanded Knowles Corp will be headed by Jeffrey Niew, who currently runs Dover's communication technologies segment.

"Given the evolution of their unique business model, these businesses can now pursue a more aggressive growth strategy together as a standalone company," Chief Executive Robert Livingston said in a statement.

Dover's other products include industrial pumps, oil and mining drilling tools and food packaging equipment.

Goldman Sachs & Co is financial adviser to Dover, and Skadden, Arps, Slate, Meagher & Flom LLP is legal adviser.

Dover's shares, which closed at $76.41 on the New York Stock Exchange on Wednesday, were up 2 percent before the bell.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Don Sebastian, Anthony Kurian)


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
DOVER CORPORATION -0.47% 123.5 Delayed Quote.-31.49%
THE GOLDMAN SACHS GROUP, INC. -1.40% 304.67 Delayed Quote.-17.69%
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Analyst Recommendations on DOVER CORPORATION
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Financials (USD)
Sales 2022 8 563 M - -
Net income 2022 1 082 M - -
Net Debt 2022 2 475 M - -
P/E ratio 2022 16,5x
Yield 2022 1,64%
Capitalization 17 333 M 17 333 M -
EV / Sales 2022 2,31x
EV / Sales 2023 2,16x
Nbr of Employees 25 000
Free-Float 54,8%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 123,50 $
Average target price 154,33 $
Spread / Average Target 25,0%
EPS Revisions
Managers and Directors
Richard Joseph Tobin President & Chief Executive Officer
Brad M. Cerepak Chief Financial Officer & Senior Vice President
Michael F. Johnston Independent Director
David J. Malinas Senior Vice President-Operations
Kristiane C. Graham Independent Director
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