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NEW YORK, Aug. 30 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that its Dover Resources (DRI) subsidiary has acquired Paladin Brands Holding, Inc. Terms of the transaction were not disclosed. With annualized sales of over $350 million, Paladin will report to Dover Resources and operate as an independent company within Dover Resources' Materials Handling group.

Paladin, headquartered in Cedar Rapids, Iowa, is the largest independent manufacturer of attachments and tools used in heavy and light mobile construction equipment, and on a broad range of mobile equipment used in the demolition, recycling, forestry, utility and material handling markets. It employs about 1,500 people in 19 manufacturing locations throughout the United States and Mexico, and has a global sourcing office in Shanghai, China. Paladin is comprised of twelve market-leading companies that design and manufacture products under the well-known names of Badger, Bradco, C & P, FFC, Genesis, Harley, JRB, Jewell, McMillen, Pengo, Sweepster and The Major.

Paladin attachments and tools, which are predominately sold through distribution, include a wide variety of products such as augers, backhoes, trenchers, specialty couplers and buckets for excavators and wheel loaders, mobile shears, concrete demolition tools and sweepers, as well as wear parts and after market consumables related to such products. Paladin's broad portfolio of products and attachments provide its customers with increased versatility and better productivity for a wide variety of equipment serving a broad range of end market applications.

Ronald L. Hoffman, President and Chief Executive Officer of Dover, commented: "We are delighted with the acquisition of Paladin, which allows Dover to expand its participation in the attractive infrastructure market. Paladin has all the hallmarks of a good Dover acquisition including market- leading brands, a wide range of served markets, a solid history of innovative product development, and a proven management team with the ability and experience to drive future growth. The Paladin acquisition strongly positions Dover to participate in end-markets with excellent long-term prospects, complements our portfolio of market-leading industrial manufacturing companies, and enables Dover to capitalize on the broad growth of the construction, demolition/recycling, utility, forestry, material handling and related infrastructure markets."

Dave Ropp, President of Dover Resources, commented: "Paladin, with its strong history of revenue growth and profitability over a business cycle, and first-rate new product development, is a great addition to Dover Resources. We are excited to work with the leaders of Paladin as they continue to find new ways to synergize their brands and drive long-term value. Paladin has strong expertise in lean manufacturing and global sourcing, which fits well with Dover's operating metrics and PerformanceCOUNTS initiatives."

Bill Van Sant, Chairman of Paladin, said: "We have known of Dover for many years and have always admired their unique management style which empowers motivated management to lead companies to their full potential. Paladin's vision of growth will be fostered by Dover's ownership. With its acquisition by Dover, Paladin is now positioned to leverage Dover's longstanding reputation and industrial manufacturing experience to continue to build a company that consistently delivers superior value to our customers and to all our stakeholders."

Paladin's results are expected to have a slightly dilutive impact on Dover's earnings per share ("EPS") in 2006 of approximately one cent, net of imputed interest costs. Paladin is expected to be accretive to Dover's earnings in 2007 in the range of 5-7 cents EPS, net of imputed interest costs.

Paladin has been a portfolio company of private equity investment firm Norwest Equity Partners since 2003.

Statements in this release may be "forward-looking", which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forth more fully in the Company's SEC filings.

For further information on Paladin Brands, including applications, markets and products, visit their website at http://www.paladinbrands.com. Dover Corporation is a diversified industrial manufacturer with over $6 billion in annualized revenues from operating companies that manufacture specialized industrial products and equipment. Visit http://www.dovercorporation.com for further information.

SOURCE: Dover Corporation

CONTACT: Robert G. Kuhbach, Vice President, Finance, +1-212-922-1640
Web site: http://www.dovercorporation.com
http://www.paladinbrands.com