Dover Signs Agreement to Sell Crenlo and Paladin to KPS Capital Partners, LP

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Sep 07, 2011, 09:00 ET

DOWNERS GROVE, Ill., Sept. 7, 2011 /PRNewswire/ -- Dover Corporation (NYSE: DOV) announced today that it has signed a definitive agreement to sell Crenlo, LLC of Rochester, MN, a leading maker of cab equipment enclosures, and Paladin Brands of Cedar Rapids, IA, North America's largest independent manufacturer of attachment tools, to International Equipment Solutions, LLC, an affiliate of KPS Capital Partners, LP, of New York, NY. Crenlo and Paladin are both part of Dover's Industrial Products segment. The transaction is anticipated to close before the end of September 2011. Terms of the transaction were not disclosed.

Commenting on the transaction, Thomas Giacomini, President and CEO of Dover Industrial Products stated, "Crenlo and Paladin are outstanding companies with fine brands and people, however, these businesses are no longer aligned with our long term growth strategy. With this transaction we are better positioned to focus on and serve the key market sectors within Industrial Products. We thank all the Crenlo and Paladin employees for their exceptional service to Dover and wish them well with their new organization."

Dover Corporation is a global manufacturer providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.

SOURCE Dover Corporation