DE-STA-CO Industries, A Dover Corporation Subsidiary, Acquires CPI Products
MADISON HEIGHTS, Mich., Jan. 17 /PRNewswire/ -- DE-STA-CO Industries, (Madison Heights, MI) a Dover Corporation (NYSE: DOV) subsidiary, a global leader in providing clamping, gripping, transfer and robotic tooling solutions for workplace automation, is pleased to announce the acquisition of CPI Products (Plymouth & Charlevoix, Mich.), a global innovator in applications development for automation tooling.
CPI designs and manufactures a broad array of end-of-arm, transfer press, and assembly tooling products. The company serves customers in a wide variety of industries -- including automotive, appliance, glass and plastics -- who depend on automation tooling to ensure lower costs and more effective production cycles.
The acquisition, effective January 1, 2001, further supports DE-STA-CO's strategy of selecting complementary world-class automation product lines to enhance its position of global leadership in engineered solutions for clamping, gripping, transfer and robotic application needs. CPI Products strengthens DE-STA-CO's ability to serve the automotive industry, and broadens the company's ability to support other industrial markets.
The CPI product line will be made available in Europe through DE-STA-CO GmbH (Germany) and CCMOP (France), as well as through sales offices in the UK and Spain. DE-STA-CO Asia (Thailand) and DE-STA-CO EMA (Brazil) will also offer the product line. CPI products also will be featured in DE-STA-CO's booth at several trade shows in 2001, including the National Design Engineering Show in March, the International Robots & Vision Show in June and the Assembly Tech Show in October.
Terms of the sale were not disclosed. For more information please visit the DE-STA-CO websites at http://www.destaco.com, or http://www.cpi-products.com.
This press release contains forward-looking statements regarding future events and the performance of Dover Corporation that involve risks and uncertainties that could cause actual results to differ materially including, but not limited to, failure to achieve expected synergies, failure to successfully integrate acquisitions, failure to service debt, failure to sell non-core properties, including without limitation, as a result of the failure to obtain regulatory approvals or of conditions to closing to occur, economic conditions, customer demand, increased competition in the relevant market, and others. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as the Form 10-K, Form 10-Q and Form 8-K, which contain additional important factors that could cause its actual results to differ from its current expectations and from the forward-looking statements contained in this press release. SOURCE Dover Corporation
CONTACT: David S. Smith, Vice President of Dover, 212-922-1640/