Dover Corporation: Dover Completes The Sale Of Performance Motorsports International
DOVER COMPLETES THE SALE OF PERFORMANCE MOTORSPORTS INTERNATIONAL
Downers Grove, IL, February 14, 2017 - Dover (NYSE: DOV) today announced that it has completed the sale of its Performance Motorsports International unit ("PMI") headquartered in Mentor, Ohio, to Race Winning Brands, a portfolio company of Kinderhook Industries, LLC for total consideration of $150 million, which includes Dover's retention of a minority ownership interest in the ongoing business. PMI is a leading manufacturer of pistons and other engine related components serving the motorsports and powersports markets.
Commenting on the transaction, Dover's President and Chief Executive Officer, Robert A. Livingston, said, "This transaction provides the new owner the opportunity to leverage the strong leadership position PMI has built over the years and grow the business. At the same time, it allows us to focus on our higher growth core markets."
Lazard served as the exclusive financial advisor to Dover.
Dover is a diversified global manufacturer with annual revenue exceeding $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through four operating segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 29,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.
Dover 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. Dover 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 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 undertakes no obligation to update any forward-looking statement.
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