Oct 11 (Reuters) – Industrial and automotive supplier Stabilus SE (STM1.DE) will acquire a business unit of US manufacturer Dover Corp (DOV.N) in a deal with an enterprise value of $680 million, the companies said in separate statements on Wednesday.
The deal is expected to increase Stabilus’ sales with an immediate positive impact on its adjusted earnings before interest and tax (EBIT) margin after completion, the German company said.
Dover’s DESTACO business, which supplies industrial automation components, will complement Stabilus’ offering in the industrial sector, it added.
The acquisition has no impact on the German company’s business figures and forecast for fiscal 2023, and is expected to close in the first half of 2024, subject to closing conditions, Stabilus said.
Reporting by Nilutpal Timsina in Bengaluru; Editing by Dhanya Ann Thoppil
Our Standards: The Thomson Reuters Trust Principles.
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