WASHINGTON (dpa-AFX) - Dover Corporation (DOV), a manufacturer of industrial products, on Tuesday said it has agreed to acquire Cloeren Incorporated, a producer of high-performance extrusion T-dies and feedblocks for polymer and plastics applications.
Financial terms of the deal were not disclosed.
Following the completion of the transaction, Cloeren will become part of the MAAG business unit within Dover's Pumps & Process Solutions segment.
Dover said the acquisition will add complementary extrusion technologies to MAAG's portfolio, expanding its ability to provide broader solutions across polymer processing applications.
The transaction is expected to close in the third quarter.
'Cloeren is a strong strategic fit for MAAG and will further enhance our capabilities in extrusion applications,' said Ueli Thuerig, President of MAAG. 'The addition of Cloeren's technologies and engineering expertise expands our solutions offering and strengthens our ability to support customers with highly engineered, mission-critical equipment.'
On Monday, Dover shares closed at $205.85, up 1.81%.
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