Dover Signs Definitive Agreement To Sell Sargent Aerospace & Defense
DOVER SIGNS DEFINITIVE AGREEMENT TO SELL SARGENT AEROSPACE & DEFENSE
Downers Grove, IL, March 26, 2015 - Dover (NYSE: DOV) today announced that it has signed a definitive agreement to sell its Sargent Aerospace & Defense unit ("Sargent"), headquartered in Tucson, Arizona, to RBC Bearings Incorporated (Nasdaq: ROLL) for $500 million. Sargent is a leading supplier of precision-engineered components and aftermarket services in the aerospace and defense industries.
Commenting on the transaction, Dover's President and Chief Executive Officer, Robert A. Livingston, said, "The sale of Sargent is consistent with our strategy to focus our business mix around our key growth spaces and end-markets. Sargent has a long track record of providing innovative products and solutions to its customers. I am confident Sargent will continue to build on its success with RBC Bearings."
Lazard served as the exclusive financial advisor to Dover.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2015.
Dover is a diversified global manufacturer with annual revenues of $8 billion. We deliver innovative equipment and components, specialty systems and support services through four major 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 nearly 60 years, our team of 27,000 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 http://www.dovercorporation.com.
This press release contains "forward-looking" statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, anticipated market conditions and our positioning, strategic plans and transactions, and global economies. The forward-looking statements in this release may be indicated by words or phrases such as "anticipate," "expect," "believe," "indicate," "suggests," "will," "plans," "supports," "projects," "should," "would," "could," "forecast" and "management is of the opinion," or similar words or phrases or the use of the future tense. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, current economic conditions and uncertainties in the credit and capital markets; our ability to close the sale of Sargent on the agreed upon terms, if at all, and the timing of such closing; and the terms and timing of the sale of any other business in discontinued operations. We refer you to the documents we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statement, except as required by law.
Vice President - Investor Relations