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NEW YORK, May 8 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV)
today announced the completion of a transaction in which Hill PHOENIX, a Dover
operating company in its Engineered Systems segment and a leading designer and
manufacturer of commercial refrigeration systems, has acquired certain assets
and intellectual property of Tyler Refrigeration, a unit of Carrier
Corporation. Financial terms of the transaction were not released.
Under the terms of the transaction, Hill PHOENIX has purchased inventory,
select equipment and other physical assets, order backlog, intellectual
property and the service parts business of Niles, Mich.-based Tyler
Refrigeration, a manufacturer of refrigerated display merchandisers and
refrigeration systems for the food retail industry. In addition, Hill PHOENIX
has also purchased Tyler's five service and installation branch businesses,
located in New Jersey, Minnesota, Arizona, Southern California and Mexico.
Tyler's manufacturing facility in Niles is not part of the transaction.
"This acquisition is an excellent strategic fit for Hill PHOENIX," said
Ray Hoglund, president and chief executive officer of Dover's Engineered
Systems segment. "It enhances the company's portfolio of industry-leading
proprietary technology and adds key talent that will augment product
innovation, engineering, field support and other customer related functions at
Hill PHOENIX. This transaction improves our position in commercial
refrigeration, and after a limited transition period, Tyler customers will be
offered Hill PHOENIX products to satisfy ongoing needs, which we expect will
increase the annual revenue of Hill PHOENIX by about 30 to 40 percent."
Robert A. Livingston, Dover's president and chief executive officer said,
"We are excited about this acquisition and the benefits that Tyler's assets
will bring as we integrate them into Hill PHOENIX. We continue to pursue
synergistic add-on acquisitions in spaces we know well, and are hopeful we
will be able to announce other value-enhancing deals as the year progresses."
Dover Corporation is a global portfolio of manufacturing companies
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.
Hill PHOENIX, is a Dover Corporation company, is based in Conyers, Ga. The
company designs and manufactures commercial refrigerated display
merchandisers, refrigeration systems, integrated power distribution systems
and walk-in coolers and freezers. Visit www.hillphoenix.com or call
800-283-1109.
Dover Corporation 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. This press release contains forward-looking statements concerning
future events and the performance of Dover Corporation that involve 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; the Company's
ability to achieve expected savings from integration, synergy and other
cost-control initiatives; the ability to identify and successfully consummate
value-adding acquisition opportunities; increased competition and pricing
pressures in the markets served by Dover's operating companies; the ability of
Dover's companies to expand into new geographic markets and to anticipate and
meet customer demands for new products and product enhancements; increases in
the cost of raw materials; changes in customer demand; political events that
could impact the worldwide economy; the impact of natural disasters and their
effect on global energy markets; a downgrade in Dover's credit ratings;
international economic conditions including interest rate and currency
exchange rate fluctuations; the relative mix of products and services which
impacts margins and operating efficiencies; short-term capacity constraints;
domestic and foreign governmental and public policy changes including
environmental regulations and tax policies (including domestic and
international export subsidy programs, R&E credits and other similar
programs); unforeseen developments in contingencies such as litigation;
protection and validity of patent and other intellectual property rights; the
cyclical nature of some of Dover's companies; domestic housing industry
weakness; and continued events in the Middle East and possible future
terrorist threats and their effect on the worldwide economy. Dover
Corporation 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 these and other 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 Corporation undertakes no obligation to update any
forward-looking statement.
SOURCE: Dover Corporation
CONTACT: Paul Goldberg, Treasurer & Director of Investor Relations,
+1-212-922-1640
Web Site: http://www.dovercorporation.com
