Dover Announces the Acquisition of Tyler Refrigeration Assets

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Dover Announces the Acquisition of Tyler Refrigeration Assets

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NEW YORK, May 8 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) today announced the completion of a transaction in which Hill PHOENIX, a Dover operating company in its Engineered Systems segment and a leading designer and manufacturer of commercial refrigeration systems, has acquired certain assets and intellectual property of Tyler Refrigeration, a unit of Carrier Corporation. Financial terms of the transaction were not released.

Under the terms of the transaction, Hill PHOENIX has purchased inventory, select equipment and other physical assets, order backlog, intellectual property and the service parts business of Niles, Mich.-based Tyler Refrigeration, a manufacturer of refrigerated display merchandisers and refrigeration systems for the food retail industry. In addition, Hill PHOENIX has also purchased Tyler's five service and installation branch businesses, located in New Jersey, Minnesota, Arizona, Southern California and Mexico. Tyler's manufacturing facility in Niles is not part of the transaction.

"This acquisition is an excellent strategic fit for Hill PHOENIX," said Ray Hoglund, president and chief executive officer of Dover's Engineered Systems segment. "It enhances the company's portfolio of industry-leading proprietary technology and adds key talent that will augment product innovation, engineering, field support and other customer related functions at Hill PHOENIX. This transaction improves our position in commercial refrigeration, and after a limited transition period, Tyler customers will be offered Hill PHOENIX products to satisfy ongoing needs, which we expect will increase the annual revenue of Hill PHOENIX by about 30 to 40 percent."

Robert A. Livingston, Dover's president and chief executive officer said, "We are excited about this acquisition and the benefits that Tyler's assets will bring as we integrate them into Hill PHOENIX. We continue to pursue synergistic add-on acquisitions in spaces we know well, and are hopeful we will be able to announce other value-enhancing deals as the year progresses."

Dover Corporation is a global portfolio of manufacturing companies providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit

Hill PHOENIX, is a Dover Corporation company, is based in Conyers, Ga. The company designs and manufactures commercial refrigerated display merchandisers, refrigeration systems, integrated power distribution systems and walk-in coolers and freezers. Visit or call 800-283-1109.

Dover Corporation makes information available to the public, orally and in writing, which may use words like "anticipates," "expects," "believes," "indicates," "suggests," "will," "plans" and "should," which are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements concerning future events and the performance of Dover Corporation that involve inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, current economic conditions and uncertainties in the credit and capital markets; the Company's ability to achieve expected savings from integration, synergy and other cost-control initiatives; the ability to identify and successfully consummate value-adding acquisition opportunities; increased competition and pricing pressures in the markets served by Dover's operating companies; the ability of Dover's companies to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; increases in the cost of raw materials; changes in customer demand; political events that could impact the worldwide economy; the impact of natural disasters and their effect on global energy markets; a downgrade in Dover's credit ratings; international economic conditions including interest rate and currency exchange rate fluctuations; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; domestic and foreign governmental and public policy changes including environmental regulations and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); unforeseen developments in contingencies such as litigation; protection and validity of patent and other intellectual property rights; the cyclical nature of some of Dover's companies; domestic housing industry weakness; and continued events in the Middle East and possible future terrorist threats and their effect on the worldwide economy. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.

SOURCE: Dover Corporation

CONTACT: Paul Goldberg, Treasurer & Director of Investor Relations,
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