NEW YORK, May 31, 2001 /PRNewswire/ -- Dover Corporation (NYSE: DOV) announced the sale of its A-C Compressor business to GE Power Systems, a subsidiary of General Electric Corporation. A-C Compressor serves the power generation and oil and gas industries worldwide and offers customers both OEM compressors and complete overhaul, rebuild, re-rate and repair services on gas and steam turbines and compressors. It is comprised of three operating companies: A-C Compressors in Appleton, WI; Conmec Turbomachinery Engineering in Bethlehem, PA; and Preco Turbine and Compressor Services in Houston, TX.

Dover originally acquired A-C Compressor in 1992, and Preco and Conmec were add-on acquisitions completed in 1997. A-C Compressor has been reported as part of the Dover Diversified business segment.

As a result of this transaction, in the second fiscal quarter ending June 30th, Dover will record an after-tax gain on the sale of approximately $.25 per diluted share outstanding. Financial terms of the transaction were not disclosed.

Commenting on the sale, Thomas L. Reece, Chairman and CEO of Dover Corporation said, "The sale of the A-C Compressor business to GE, where it will be combined with GE Power System's Nuovo Pignone business, will assure a solid continuation of the A-C Compressor growth orientation into the future. A-C has contributed to Dover's success through the years and this transaction will benefit both A-C's employees and Dover's shareholders." John Rice, President and CEO of GE Power Systems said, "A-C Compressor Group compliments GE's current ability to provide comprehensive solutions for our power generation and oil & gas customers. A-C Compressor Group's experience and presence in North America helps fulfill GE's commitment to serve the global needs of our oil & gas customers' gas turbine repair needs."

SOURCE Dover Corporation

CONTACT:          David S. Smith, Vice President, Dover, 212-922-1640