NEW YORK, Sep 30, 2002 /PRNewswire-FirstCall via COMTEX/ -- Dover Corporation (NYSE: DOV) today announced that it has acquired Hover-Davis Inc., a manufacturer of component feeder systems for the electronic assembly automation industry. Hover-Davis will be reported as part of the Circuit Board Assembly and Test (CBAT) products in the Dover Technologies subsidiary. Hover-Davis manufactures component feeders, direct die feeders and label feeders that are used in automated circuit board assembly lines. Hover-Davis (web site http://www.hoverdavis.com) sells products to both manufacturers of electronic component assembly machines and directly to end-users as an after market product and is the world's largest independent manufacturer of component feeders. The company is located in Rochester, New York.

Commenting on the acquisition, Gerhard Meese, Executive Vice President of Dover Technologies, said "Hover-Davis is a strategic acquisition for us. They are truly a leader in supplying component feeding equipment to electronic manufacturing companies. Hover-Davis has a history of highly innovative products and continues to invest in new technologies in direct die placement, on-line label preparation, and next generation feeder functionality. We look forward to John Hover and Peter Davis continuing to lead the company under Dover's ownership."

John Hover, President of Hover-Davis, said, "We are very excited to join Dover and plan to continue our growth as the electronics industry recovers from its recent downturn. The people at Dover Technologies understand our products and our customers. This decision will help insure that our pipeline of R&D developments is successfully brought to the marketplace. The employees of Hover-Davis are energized by this announcement and we all look forward to the opportunity to take the company to the next level."

    The terms of the agreement were not disclosed.

SOURCE Dover Corporation

CONTACT:          Robert G. Kuhbach, Acting Vice President Finance of Dover,
                  +1-212-922-1640

URL:              http://www.dovercorporation.com
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