Dover sells Hydratight Sweeney
May 18, 2005
Dover Corporation (NYSE: DOV) announced the sale of its Hydratight Sweeney business to Actuant Corporation of Glendale, Wisconsin. Hydratight Sweeney, with headquarters in Birmingham, United Kingdom, manufactures and provides bolting products and services to the oil and gas, power generation, industrial, and other end-user markets on a global basis.
The sale will result in an after-tax gain of approximately $.20 per diluted share, which will be reported as a component of discontinued operations in Dover's second fiscal quarter ending June 30. Total annual sales of Hydratight Sweeney were less than 1% of Dover's total sales.