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Dover to Sell DESTACO Business Unit
Dover announced that it has entered into a definitive agreement to sell its De-Sta-Co business (“DESTACO”), which is part of Dover’s Engineered Products segment, to Stabilus SE for $680 million enterprise value. DESTACO designs, manufactures, and markets workholding and automation components for industrial automation applications, and generated revenue of $213 million in 2022. DESTACO was acquired by Dover in 1962.
Dover to Acquire FW Murphy, a Leading Supplier of Control and Optimization Solutions for the Reciprocating Compression Industry
Dover (NYSE: DOV) announced today that it has entered into a definitive agreement to acquire the business of FW Murphy Production Controls, LLC (“FW Murphy”) (a subsidiary of privately-owned Genisys Controls LLC) for $530 million in cash. The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including receipt of regulatory approvals. Following the closing of the transaction, FW Murphy will become part of the Dover Precision Components (“DPC”) operating unit within Dover’s Pumps & Process Solutions segment (“DPPS”).
Founded in 1939 and headquartered in Rosenberg, Texas, FW Murphy is a leading provider of control, remote monitoring, digital-twin-based predictive maintenance, and adaptive performance optimization components, solutions, and instrumentation for reciprocating compressors and associated drive systems. FW Murphy’s solutions are used in natural gas production, transportation, and industrial use markets, as well as in emerging hydrogen and carbon capture applications.