Germany's Stabilus to buy Dover's business unit for $680 mln

Stabilus SE

12/10/2023 04:32

Oct 11 (Reuters) - Industrial and automotive supplier
Stabilus SE  STM1.DE  will acquire a business unit of US
manufacturer Dover Corp  DOV.N  in a deal with an enterprise
value of $680 million, the companies said in separate statements
on Wednesday.
    The deal is expected to increase Stabilus' sales with an
immediate positive impact on its adjusted earnings before
interest and tax (EBIT) margin after completion, the German
company said.
    Dover's DESTACO business, which supplies industrial
automation components, will complement Stabilus' offering in the
industrial sector, it added. 
    The acquisition has no impact on the German company's
business figures and forecast for fiscal 2023, and is expected
to close in the first half of 2024, subject to closing
conditions, Stabilus said.
    
    

 (Reporting by Nilutpal Timsina in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Nilutpal.Timsina@thomsonreuters.com; +91 86382 04706;))