Dover Sells Welding Equipment Businesses

Apr 10, 2001, 01:00 ET from Dover Corporation

    BEECHER, Ill., April 10 /PRNewswire/ -- Dover Corporation (NYSE:   DOV)
 announced the sale of the welding equipment businesses of Dovatech, Inc
 (Bernard, Weldcraft, K&K Welding, and D-Tech) to Illinois Tool Works, Inc. of
 Glenview, Illinois.  Dover will retain the Dovatech identity and its PRC, Lee
 Laser, Koolant Koolers, and Schreiber Engineering businesses, which are
 reported in the Dover Industries business segment.
     The businesses Dover retains produce laser power sources and cooling
 equipment for laser welding and cutting machines.  The divested businesses
 manufacture and market welding torches and other products that complement the
 power sources and welding systems currently produced by ITW under their
 Miller, Hobart and ArcSmith brand names.
     The sale will result in an after-tax gain of approximately $.20 per
 diluted share, which will be reported in Dover's second fiscal quarter ending
 June 30th.  Total annual sales of the divested businesses were less than 1% of
 Dover's total sales.
     Commenting on the sale, Thomas L. Reece, Dover Chairman and Chief
 Executive Officer said, "Dover has divested these businesses reluctantly, but
 the benefits these businesses brought to ITW's welding systems and power
 source business led to a transaction that is clearly advantageous to Dover's
 shareholders.  As a result, we concluded that Dover, ITW, and these businesses
 will benefit from the ownership change."
 
 

SOURCE Dover Corporation
    BEECHER, Ill., April 10 /PRNewswire/ -- Dover Corporation (NYSE:   DOV)
 announced the sale of the welding equipment businesses of Dovatech, Inc
 (Bernard, Weldcraft, K&K Welding, and D-Tech) to Illinois Tool Works, Inc. of
 Glenview, Illinois.  Dover will retain the Dovatech identity and its PRC, Lee
 Laser, Koolant Koolers, and Schreiber Engineering businesses, which are
 reported in the Dover Industries business segment.
     The businesses Dover retains produce laser power sources and cooling
 equipment for laser welding and cutting machines.  The divested businesses
 manufacture and market welding torches and other products that complement the
 power sources and welding systems currently produced by ITW under their
 Miller, Hobart and ArcSmith brand names.
     The sale will result in an after-tax gain of approximately $.20 per
 diluted share, which will be reported in Dover's second fiscal quarter ending
 June 30th.  Total annual sales of the divested businesses were less than 1% of
 Dover's total sales.
     Commenting on the sale, Thomas L. Reece, Dover Chairman and Chief
 Executive Officer said, "Dover has divested these businesses reluctantly, but
 the benefits these businesses brought to ITW's welding systems and power
 source business led to a transaction that is clearly advantageous to Dover's
 shareholders.  As a result, we concluded that Dover, ITW, and these businesses
 will benefit from the ownership change."
 
 SOURCE  Dover Corporation