DOWNERS GROVE, Ill., May 5, 2025 /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has entered into a definitive agreement to acquire SIKORA AG ("SIKORA" or the "Company") for €550 million in cash, subject to customary adjustments. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions, including receipt of regulatory approvals. Following the closing of the transaction, SIKORA will become part of Dover's MAAG operating unit within Dover's Pumps & Process Solutions segment.
(PRNewsfoto/Dover)
Founded in 1973 by Harald Sikora and headquartered in Bremen, Germany, SIKORA is a leading provider of precision measurement, inspection, and control solutions for production processes in the wires and cables, hoses, tubes, sheets, optical fibers, and plastics industries. The Company's solutions enable its customers to ensure the highest quality and durability of their end products while driving cost efficiency, process optimization, and compliance to increase quality assurance. Demand for SIKORA's products continues to increase, as the trend toward electrification accelerates, driven by strong growth in high-performance applications such as data centers. The Company, which has grown at a double-digit organic growth rate over the last three years with a robust outlook, generated approximately €100 million in revenue in 2024.
"SIKORA represents a highly-strategic acquisition for MAAG," said Ueli Thuerig, MAAG's President. "The Company's outstanding products address similar customer needs to MAAG's products in resin-related markets, and its offerings provide MAAG with increased exposure to highly-attractive market adjacencies where we have existing industry knowledge and customer relationships. Our shared capabilities and go-to-market overlap will generate material cross-selling benefit with a highly complementary portfolio of products and technologies, deepening our joint value proposition and integration with our OEM partners and end customers."
Dover's President, Chief Executive Officer, and Chairman, Richard J. Tobin, said, "The acquisition of SIKORA aligns with our capital deployment strategy to add highly-synergistic, growth-and-margin accretive businesses within our high-priority platforms. SIKORA's value proposition, attractive market applications, large installed base, and technological offerings have the hallmarks of a Dover business. We are excited to welcome SIKORA's talented workforce and culture of excellence to the Dover family of companies."
About Dover:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.
Forward-Looking Statements:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions, and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Contact: Jack Dickens Vice President – Investor Relations (630) 743-2566 jdickens@dovercorp.com
Media Contact: Adrian Sakowicz Vice President – Communications (630) 743-5039 asakowicz@dovercorp.com
