NEW
YORK - Oct.1, 2003 - Dover Corporation
(NYSE: DOV) announced today that its Dover Resources
subsidiary has completed the acquisition of Warn
Industries Inc. for approximately $325 million
in cash. Warn, located in Portland, Oregon, is
the industry leader in the design, manufacture
and marketing of high-performance winches for use
on light trucks, four-wheel drive recreational
vehicles and all-terrain vehicles ("ATV's"). In
addition, the company supplies hub locks and patented,
technologically advanced four wheel and all-wheel
drive powertrain systems for the automotive OEM's
including Ford's new F-150 series line of pick-up
trucks.
Dover expects the Warn acquisition to be accretive
to Dover's earnings during 2004. Warn, with annual
sales in excess of $150 million, will be a stand
alone operating company within the Dover Resources
segment.
Commenting
on this acquisition, Dover's Chairman and Chief
Executive Officer, Thomas L. Reece said: "This
transaction is consistent with our long term strategy
of acquiring market leaders with a history of outstanding
financial performance. Warn's strong brand name,
intellectual property and broad product offering
combine to create an outstanding company and an
exciting addition to Dover. The strength of Warn's
management team was also a critical factor in our
decision. Under their leadership, we expect Warn
to continue to generate significant growth and
profitability for the benefit of Dover's shareholders."
Jon Kreitz, President and Chief Executive Officer
of Warn Industries Inc., commented:
"We
are very excited about our future with Dover.
This is a record year for Warn and forecasts
from our customers continue to be positive. Our
market leadership, financial health and the hard
work of our dedicated employees have made us
successful over many years, and we are enthusiastic
about joining Dover."
Dover Corporation is a diversified industrial
manufacturer with over $4 billion in annual revenues
and is comprised of over 50 operating companies
that manufacture specialized industrial products
and manufacturing equipment. For more information
on Warn, see www.warn.com.
Statements
in this release may be "forward-looking," which
involve risks and uncertainties. These include
economic and currency conditions, market demand,
pricing, and competitive and technological factors,
among others, as set forth in the company's SEC
filings. |