DOV Dover Corp

DOWNERS GROVE, Ill., July 22, 2024 /PRNewswire/ -- Dover (NYSE: DOV) today announced that it has entered into a definitive agreement to sell its Environmental Solutions Group business ("ESG"), which is part of Dover's Engineered Products segment, to Terex Corporation (NYSE: TEX) for $2 billion on a cash- and debt-free basis, subject to customary post-closing adjustments.

Based in Chattanooga, TN, ESG is a leading provider of refuse collection vehicles, compactors, and balers, as well as related aftermarket equipment and digital offerings, including onboard vehicle safety systems, route management, predictive maintenance, and customer relationship management software. ESG generated approximately $750 million of revenue in 2023.

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "ESG has been a part of the Dover family for decades and has created significant value for Dover shareholders over this time period. I would like to recognize and thank ESG President Pat Carroll and his management team for the transformational change in the business over the last decade."

The transaction is expected to close before year-end 2024, subject to customary closing conditions, including receipt of regulatory approvals.

Centerview Partners acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Dover.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of approximately 25,000 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.

Forward-Looking Statements:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the timetable for completing the transaction.  Forward-looking statements are subject to numerous important risks, uncertainties, assumptions, and other factors, some of which are beyond the Company's control.  Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate, and the ability of both parties to obtain the necessary regulatory approvals or to satisfy any of the other conditions to the transaction in a timely manner or at all. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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SOURCE Dover