Dover buys Swiss gear pump manufacturer Maag
Dover Corporation recently announced that it has signed a definitive agreement to acquire the Maag Group, a gear pump manufacturer headquartered in Zurich Switzerland. The company will become part of the Downers Grove, Illinois-based Pump Solutions Group within the Fluid Solutions platform of Dover's Engineered Systems segment.
Maag specializes in external gear pump technology and engineered, integrated solutions for the polymer, plastic, chemical and petrochemical industries. A global company, Maag operates in Switzerland, Germany, the U.S., Italy, and China, and provides additional sales support offices around the world. The company's reported revenue of $170 million last year.
Bob Livingston, Dover's president and CEO, said the acquisition supports the company's goal of deploying capital in key growth spaces and expands PSG's product portfolio.
"Consistent with other Dover businesses, Maag is a global market leader with a strong reputation as a highly engineered components manufacturer whose foundation is based on innovation and customized solutions," Livingston said.
The transaction is expected to close at end of the first quarter. Dover expects the acquisition will slightly dilute the 2012 continuing earnings per share due to integration and acquisition related costs.