<%@LANGUAGE="VBSCRIPT"%> ROCKCRAWLER.com - Dover Corporation Acquires Warn Industries
Warn Winch
Dover Corporation Acquires Warn Industries

NEW YORK - Oct.1, 2003 - Dover Corporation (NYSE: DOV) announced today that its Dover Resources subsidiary has completed the acquisition of Warn Industries Inc. for approximately $325 million in cash. Warn, located in Portland, Oregon, is the industry leader in the design, manufacture and marketing of high-performance winches for use on light trucks, four-wheel drive recreational vehicles and all-terrain vehicles ("ATV's"). In addition, the company supplies hub locks and patented, technologically advanced four wheel and all-wheel drive powertrain systems for the automotive OEM's including Ford's new F-150 series line of pick-up trucks.

Dover expects the Warn acquisition to be accretive to Dover's earnings during 2004. Warn, with annual sales in excess of $150 million, will be a stand alone operating company within the Dover Resources segment.

Commenting on this acquisition, Dover's Chairman and Chief Executive Officer, Thomas L. Reece said: "This transaction is consistent with our long term strategy of acquiring market leaders with a history of outstanding financial performance. Warn's strong brand name, intellectual property and broad product offering combine to create an outstanding company and an exciting addition to Dover. The strength of Warn's management team was also a critical factor in our decision. Under their leadership, we expect Warn to continue to generate significant growth and profitability for the benefit of Dover's shareholders."

Jon Kreitz, President and Chief Executive Officer of Warn Industries Inc., commented:

"We are very excited about our future with Dover. This is a record year for Warn and forecasts from our customers continue to be positive. Our market leadership, financial health and the hard work of our dedicated employees have made us successful over many years, and we are enthusiastic about joining Dover."

Dover Corporation is a diversified industrial manufacturer with over $4 billion in annual revenues and is comprised of over 50 operating companies that manufacture specialized industrial products and manufacturing equipment. For more information on Warn, see www.warn.com.

Statements in this release may be "forward-looking," which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forth in the company's SEC filings.


 

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