BEECHER, Ill., April 10 /PRNewswire/ -- Dover Corporation (NYSE: DOV) announced the sale of the welding equipment businesses of Dovatech, Inc (Bernard, Weldcraft, K&K Welding, and D-Tech) to Illinois Tool Works, Inc. of Glenview, Illinois. Dover will retain the Dovatech identity and its PRC, Lee Laser, Koolant Koolers, and Schreiber Engineering businesses, which are reported in the Dover Industries business segment.

The businesses Dover retains produce laser power sources and cooling equipment for laser welding and cutting machines. The divested businesses manufacture and market welding torches and other products that complement the power sources and welding systems currently produced by ITW under their Miller, Hobart and ArcSmith brand names.

The sale will result in an after-tax gain of approximately $.20 per diluted share, which will be reported in Dover's second fiscal quarter ending June 30th. Total annual sales of the divested businesses were less than 1% of Dover's total sales.

Commenting on the sale, Thomas L. Reece, Dover Chairman and Chief Executive Officer said, "Dover has divested these businesses reluctantly, but the benefits these businesses brought to ITW's welding systems and power source business led to a transaction that is clearly advantageous to Dover's shareholders. As a result, we concluded that Dover, ITW, and these businesses will benefit from the ownership change." SOURCE Dover Corporation

CONTACT: David S. Smith, Vice President of Dover, 212-922-1640/