Dover Corporation Completes Acquisition of Markem Corporation
NEW YORK, Dec. 6 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that its Dover Technologies subsidiary has completed the previously announced acquisition of Markem Corporation. Terms of the transaction were not disclosed. With annualized sales of about $290 million, Markem will report to Dover Technologies and operate as an independent operating company in conjunction with DTI's Product Identification Group, which will have annualized revenue over $800 million.
Given the fact that this transaction is closing late in 2006, as well as the impact of normal purchase accounting and estimated financing costs, its results will have negative impacts on Dover's fourth quarter 2006 and first quarter 2007 results of about 1 cent and 2 cents per diluted share, respectively. The impact on Dover for the balance of 2007 is currently expected to be neutral.
Markem, headquartered in Keene, New Hampshire, is a leader in innovative and reliable product identification solutions for the world's leading companies. Solutions include equipment, software, supplies and services, for industries including food and beverage, cosmetics, pharmaceutical, and electronics.
Ronald L. Hoffman, President and Chief Executive Officer of Dover, commented: "We are pleased to welcome Markem into the Dover family. The acquisition of Markem creates a leading global presence in the exciting product identification market for Dover. With the addition of Markem to our Product ID Group we have enhanced our product offerings, expanded our customer base, and extended our global reach."
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 Markem Corporation, including applications, markets and products, visit its website at www.markem.com.
Dover Corporation (NYSE: DOV) is a diversified global manufacturer of value-added products and components that serves a variety of industrial and commercial markets including energy, defense, telecommunications, product identification, waste management and refrigeration systems. For over 50 years, Dover has been providing its customers -- now in over 100 countries -- with outstanding products and services that reflect the company's commitment to operational excellence, innovation and market leadership. Today, Dover encompasses over 40 operating companies and over 31,000 employees in 37 countries around the world. Headquartered in New York, the company generated over $6 billion in sales in 2005. For more information, please visit www.dovercorporation.com.
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SOURCE: Dover Corporation
CONTACT: Paul Goldberg, Director of Investor Relations, Dover
Web site: http://www.dovercorporation.com