Dover, a manufacturer of industrial products, has agreed to sell its automation, workholding, and containment solutions company, Destaco, to Stabilus for an enterprise value of $680.0 million. The all-cash deal is expected to close in the first half of 2024.
Streamlining Efforts and Capital Deployment
In a separate statement, Dover's President and Chief Executive Richard J. Tobin said, "This transaction will allow Dover to concentrate our efforts and capital deployment on growing our core platforms." With annual revenue exceeding $8 billion, Dover aims to focus on its core business.
Destaco's Performance and Global Presence
In 2022, Destaco generated $213 million in revenue and employed approximately 650 individuals across 13 locations worldwide, including the U.S., Europe, India, China, and Thailand. This acquisition by Stabilus will further enhance Destaco's growth potential.
Post-Merger Synergies and Revenue Growth
Stabilus anticipates post-merger synergies with an expected compound annual revenue growth rate of around 9%, equivalent to approximately $360 million, in 2028 for Destaco. Furthermore, the company projects sales synergies amounting to more than 50 million euros ($53.1 million) annually by fiscal 2026. Additionally, cost synergies of over EUR10 million per year are anticipated.
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