Markem sale to Dover Corp. complete

The acquisition of Keene-based Markem Corporation by Dover Corporation is complete, according to a statement released today by officials of the New York-based company.

According to the statement, Markem, whose product identification systems are sold around the world, will report to Dover’s Dover Technologies subsidiary, it will continue to operate independently in conjunction with DTI’s Product Identification Group.

Terms of the transaction were not disclosed. However, Markem has reported annualized sales of $290 million. Annualized revenue for DTI’s Product Identification Group is reported to be over $800 million.

“We are pleased to welcome Markem into the Dover family,” said Ronald L. Hoffman, president and CEO of Dover. “The acquisition of Markem creates a leading global presence in the exciting product identification market for Dover.”

According to Hoffman, the Markem acquisition will enable Dover to enhance product offerings, expand customer base and extend global reach.

Dover’s results are expected to have a negative impact of 1 cent and 2 cents on fourth-quarter 2006 and first-quarter 2007 results, respectively. Dover officials expect neutral results for the remainder of 2007.

Markem President James Putnam first announced plans for the acquisition of the family-owned business in August.

“With our industry undergoing significant changes it became clear that we needed to capitalize on our marketplace strength and pursue a strategy to best position Markem for the future,” Putnam said in an August statement.

According to Putnam, Dover’s “decentralized management philosophy” made the acquisition by the New York company appealing.

“Part of the attractiveness of this agreement is the ability to strengthen the company for the long-term, and better secure a future for Markem employees in Keene and throughout the world,” he said.

In addition to product identification, Dover Corporation manufactures value-added products and components for a variety of industrial and commercial markets including energy, defense, telecommunications, waste management and refrigeration systems.

Dover has more than 40 companies operating in over 37 countries worldwide and employs more than 31,000 people, including Vectron International, which is based in Hudson, N.H.

Dover is a publicly held company whose stock is traded on the New York Stock Exchange under the ticker symbol DOV. – TRACIE STONE

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