Dover Corporation Acquires Avborne Accessory Group Inc.
NEW YORK, Jan. 18 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that its Dover Diversified (DDI) subsidiary has completed the acquisition of Avborne Accessory Group, Inc., (AAG) a leading supplier of aircraft repair and overhaul services, and related parts. Based in Miami, Florida, Avborne Accessory Group, Inc. will be integrated into Sargent, a division of DDI. The addition of Avborne further strengthens Sargent's strategy of becoming a pre-eminent player in the global commercial aircraft components overhaul and repair business. Terms of the transaction were not disclosed.
"Avborne fits perfectly with our strategy of growth in our aftermarket business. Combining Sargent's existing aftermarket products, services and engineering resources with AAG will allow us to offer our customers greater support and value through a worldwide service network," said Tom Gibbons, President of Sargent. "We are excited about becoming part of Sargent and the Dover family of companies. Together we bring all the resources and strengths of an OEM, with the individualized customer service and value of a total aftermarket solutions specialist," added Eddie Montalvo, President of Avborne.
The acquisition follows the strategic business realignment recently announced where Dover will expand its subsidiary structure from four to six market segments, and concurrently realign its 49 operating businesses into 13 more focused business groupings. Within Dover Diversified, the new Industrial Equipment Group has been created, consisting of Crenlo, a world leader in construction and agricultural equipment cabs, Performance Motorsports, a leading manufacturer of high performance pistons, connecting rods and other engine components, and Sargent, a leading manufacturer of submarine and aircraft fluid controls, and specialized aircraft components, which now includes Avborne.
Dover is a diversified industrial manufacturer with over $5 billion in annualized revenues from operating companies that manufacture specialized industrial products and equipment.
Statements in this release may be "forward-looking", which involves risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forward in the company's SEC filings.
SOURCE Dover Corporation
CONTACT: Robert G. Kuhbach, Chief Financial Officer of Dover Corporation
Web site: http://www.dovercorporation.com