Dover Corporation Acquires OK International
NEW YORK, Nov. 8 /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has acquired OK International, a manufacturer of professional tools and equipment used in the electronics, telecommunications and general manufacturing industries. OK, whose sales revenue for the calendar year 2000 will be approximately $100 million, will be reported as part of the Circuit Board Assembly and Test (CBAT) products in the Dover Technologies subsidiary. OK manufacturers Metcal soldering/desoldering stations, BGA rework machines, Techcon dispensing systems, fume extraction units, Semtronics ESD instruments and wire wrapping tools. The company has manufacturing plants in Menlo Park, Calif., Garden Grove, Calif., and Yonkers, New York with sales/service/distribution facilities in the U.S., U.K., Germany, Italy, France, Taiwan, Japan and China. OK has the premier line, worldwide, of professional tools and equipment designed for bench top use at OEMs and Contract Electronic Manufacturers.
Commenting on the acquisition, John Pomeroy, CEO of Dover Technologies said, "OK is a great acquisition for us. They have truly become a leader in supplying tools and equipment to electronic manufacturing companies in the last few years. Although OK will continue to operate as an autonomous company, there is a lot of knowledge that can be shared with our other CBAT companies who sell to many of the same customers."
Michael Gouldsmith, President of OK said, "OK has grown, in the last five years from a small, single product line, regional company, to a global organization with multiple product lines primarily focused on the electronic manufacturers workbench. The relationship with Dover Technologies gives us the connections and financial strength to take OK to the next level. It is exciting to be involved with people who understand our products and our customers."
Terms of the sale were not disclosed.
Dover is a diversified manufacturer of industrial products. SOURCE Dover Corporation
CONTACT: David S. Smith, Vice President of Dover Corporation, 212-922-1640/