Hill PHOENIX to Acquire Barker Company
November 17 2009 - 8:16AM
PR Newswire (US)
NEW YORK, Nov. 17 /PRNewswire-FirstCall/ -- Dover Corporation
(NYSE:DOV) announced today that Hill PHOENIX, a Dover operating
company in its Engineered Systems segment and a leading designer
and manufacturer of commercial refrigeration systems, has acquired
Barker Company, Limited and its sister company, Barker Sales and
Service, Inc. (collectively the "Barker Company"). The Barker
Company, with estimated full-year 2009 revenue of $70 million, is
based in Keosauqua, Iowa and specializes in manufacturing
refrigerated, non-refrigerated and hot display cases. Financial
terms of the transaction were not disclosed. The Barker Company
will become part of the Hill PHOENIX Specialty Products Division.
This acquisition will complement and dramatically increase Hill
PHOENIX's specialty product offerings and enable Hill PHOENIX to
meet increasing demand for more specialized and highly customized
products in the fast-growing specialty merchandiser segment. Ray
Hoglund, the President of Dover's Engineered Systems segment,
stated, "This acquisition is an excellent fit and it puts Hill
PHOENIX in a better position to serve customers in its Specialty
Products division. Furthermore, combining Barker Company's
innovative design capabilities and broad specialty product line
with the impressive technology, product engineering and performance
of Hill PHOENIX represents a real opportunity for Hill PHOENIX to
expand its presence in the rapidly-growing specialty merchandiser
segment." Robert A. Livingston, Dover's president and chief
executive officer said, "Over the past three years Hill PHOENIX has
been focused on growing its business and this acquisition, similar
to the acquisition of Tyler Refrigeration in May, is a key step
toward advancing that goal. As a Company, Dover will continue to
pursue synergistic add-on acquisitions like these that leverage our
portfolio companies' strengths and enhance value for Dover and its
shareholders." About Dover Corporation Dover Corporation is a
global portfolio of manufacturing companies providing innovative
components and equipment, specialty systems and support services
for a variety of applications in the industrial products,
engineered systems, fluid management and electronic technologies
markets. For more information, please visit
http://www.dovercorporation.com/. About Hill PHOENIX Hill PHOENIX
Inc., a Dover Company, is based in Conyers, Ga. The company designs
and manufactures commercial refrigerated display merchandisers and
specialty products, refrigeration systems, integrated power
distribution systems and walk-ins. In addition an extensive network
of independent dealers works together with Hill PHOENIX service and
support centers to service the needs of customers throughout North
America. Visit the company on the Web at
http://www.hillphoenix.com/. READ IT ON THE WEB
http://www.dovercorporation.com/ CONTACT Paul Goldberg Treasurer
& Director of Investor Relations (212) 922-1640 DATASOURCE:
Dover Corporation CONTACT: Paul Goldberg, Treasurer & Director
of Investor Relations, +1-212-922-1640 Web Site:
http://www.dovercorporation.com/
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