DOWNERS GROVE,
Illinois (AP) — Industrial parts manufacturer Dover Corp. is buying
Switzerland's Maag Group in order to broaden its geographic reach and
bolster its fluid solutions business.
Terms of the deal announced Monday were not disclosed.
Maag
is a global leader in premium external gear pump technology and
engineered products for the polymer, plastic, chemical and petrochemical
industries. Dover makes winches, tank trailers, balers and other
equipment.
Maag, which is based in Zurich, Switzerland, will become part of Dover's Pump Solutions Group.
Dover,
based in Downers Grove, Illinois, said that it anticipates the deal
will add slightly to its 2012 continuing earnings per share due to
integration and acquisition-related costs.
The transaction is expected to close at the first quarter's end.
Last
month Dover reported that its fourth-quarter net income jumped 40
percent on strong demand from energy companies and other clients.
Its shares rose $1.28, or 2 percent, to $65.79 in afternoon trading Monday.
Copyright 2012 The Associated Press.