Dover Corporation: Dover Acquires Ettlinger
DOVER ACQUIRES ETTLINGER
Extends leadership position in the plastics and polymers processing equipment industry
DOWNERS GROVE, Ill., January 9, 2018 - Dover (NYSE: DOV) announced today that it has acquired Ettlinger Kunststoffmaschinen GmbH and its affiliated entities ("Ettlinger"), based in Königsbrunn, Germany. Ettlinger, which will become part of the Maag business unit ("Maag") within Dover's Fluids segment, is a leading manufacturer of filtering solutions for the plastics recycling industry. Terms of the transaction were not disclosed.
The addition of Ettlinger's high performance filtration systems will uniquely position Maag as a leader in the plastics processing equipment industry with solutions addressing both virgin and higher growth recycled plastics processing markets. Ettlinger's annual revenue was approximately EUR 16 million in 2017.
Robert A. Livingston, Dover's President and Chief Executive Officer said, "We are pleased to have Ettlinger join Dover as we extend our already strong industry position in plastics and polymers processing. In addition to the meaningful share repurchases we will complete in 2018, we also expect to continue to build and enhance our platforms with focused bolt-on transactions like Ettlinger, which deliver greater-than-GDP growth along with highly accretive margins."
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.
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