Dover Corp. (DOV) Announces $274M Acquisition of Ravaglioli S.p.A. Group
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Dover (NYSE: DOV) announced that it has acquired Ravaglioli S.p.A. Group ("Ravaglioli"), a global automotive service equipment manufacturer, for a purchase price of EUR 245 million (approximately USD $274 million). Ravaglioli will become part of Dover's Vehicle Service Group ("VSG"), a business unit within its Engineered Systems segment.
Headquartered in Bologna, Italy, Ravaglioli is a leading manufacturer of automotive service equipment, including automotive lifts, tire and wheel service equipment and diagnostic equipment for cars, trucks, commercial vehicles and motorbikes. Founded in 1958, Ravaglioli's products, technology and customer base are highly complementary to VSG's. Together, VSG and Ravaglioli will offer a best-in-class suite of products to customers around the world.
"We are very pleased to welcome the highly respected Ravaglioli team to Dover," said Robert A. Livingston, President and Chief Executive Officer of Dover. "Their long-standing reputation for quality products and commitment to their customers is a perfect match with VSG. Ravaglioli's products will significantly broaden our capabilities and reach as we expand into attractive product adjacencies like tire and wheel equipment. We are also excited about the growth opportunities for our combined vehicle service business as we leverage sales channels and are able to cross sell multiple products to our global customer base."
Ravaglioli has manufacturing operations in Italy and more than 650 employees across the region. Annual revenue for Ravaglioli in 2016 is estimated to be approximately EUR 150 million (approximately USD $165 million).
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