Dover Corporation: Dover Completes The Sale Of The Consumer And Industrial Winch Business Of Warn Industries, Inc.
DOVER COMPLETES THE SALE OF THE CONSUMER AND INDUSTRIAL WINCH BUSINESS OF WARN INDUSTRIES, INC.
DOWNERS GROVE, Ill., November 1, 2017 - Dover (NYSE: DOV) today announced that it has completed the sale of the consumer and industrial winch business of Warn Industries, Inc. ("Warn"), headquartered in Clackamas, Oregon, to LKQ Corporation (Nasdaq: LKQ) for $250 million, subject to customary post-closing adjustments. Warn is a leading designer, manufacturer and marketer of high performance vehicle equipment and accessories.
Dover's President and Chief Executive Officer, Robert A. Livingston, said, "This transaction is a great outcome for both parties. It is consistent with our focus on our higher growth core platforms, while Warn's customers and channel partners will benefit from the good strategic fit with LKQ's specialty business, as it brings together two strong players in the vehicle after-market industry."
William Blair & Company served as the exclusive financial advisor to Dover.
Dover is a diversified global manufacturer with annual revenue exceeding $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through four operating segments: Engineered Systems, Fluids, Refrigeration & Food Equipment and Energy. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 29,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.
Dover 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. Dover 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 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 undertakes no obligation to update any forward-looking statement.
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