Market Overview

Dover Corp. Buys Anthony Int'l for $602.5M

Related DOV
UPDATE: Morgan Stanley Reiterates On Dover Corp On Lowered 2015 Estimates
UPDATE: Dover Posts Stronger-Than-Expected Q3 Profit, Narrows FY14 Earnings Outlook

Dover Corporation (NYSE: DOV) announced today that it has acquired Anthony International ("Anthony"), a leading manufacturer of specialty glass, commercial glass refrigerator and freezer doors, lighting systems, and display equipment for $602.5 million, subject to normal closing adjustments.  Based in Sylmar, California, Anthony will join the Refrigeration and Industrial platform of Dover's Engineered Systems segment.

Anthony's leading positions in refrigeration and freezer doors, re-skinning services, and specialty & curved glass provide food retailers with a breadth of solutions to improve energy efficiency and enhance the consumer shopping experience. Anthony operates globally with locations in the U.S., Italy, China and South Africa.

Anthony's 2012 revenue is estimated to be approximately $310 million. Dover expects this acquisition to be $0.02 dilutive to 2012 continuing earnings per share due to integration and acquisition related costs.  In 2013, Anthony will be modestly accretive to continuing earnings per share.

Posted-In: News M&A

 

Related Articles (DOV)

Around the Web, We're Loving...

Get Benzinga's Newsletters