Dover sells off Crenlo, Paladin Brands

PRNewswire

DOWNERS GROVE — Dover Corporation said it has completed the sale of Crenlo LLC and Paladin Brands to KPS Capital Partners, LP.

Total proceeds from the sale are $290 million, subject to normal post-closing adjustments.

Crenlo, of Rochester, Minn., manufactures cab equipment enclosures, while Paladin Brands, of Cedar Rapids, Ia., is North America’s largest independent manufacturer of attachment tools.

“We are pleased to announce the completion of the sale of Crenlo and Paladin,” commented Bob Livingston, president and CEO of Dover. “While both of these companies have strong market positions, their sale is an important step in Dover’s long-term vision of strengthening the portfolio, improving margins and reducing our exposure to construction related end-markets.  This transaction also provides additional financial capacity to continue Dover’s expansion plans in our key growth spaces through both acquisitions and internal initiatives.”

The company anticipates recognizing a loss on the sale of approximately 35 cents per diluted share, which will be reported as part of discontinued operations in its third quarter 2011 results.

Dover was advised by Lazard on thetransaction.

Dover Corporation is a global manufacturer providing components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets.