Dover announced that it has agreed to sell its De-Sta-Co (DESTACO) business, which is part of Dover's Engineered Products segment, to Stabilus SE for $680 million enterprise value, subject to customary post-closing adjustments.

DESTACO designs, manufactures and markets workholding and automation components for industrial automation applications. The company generated $213 million in revenue in 2022. DESTACO was acquired by Dover in 1962.

"This transaction will allow Dover to concentrate our efforts and capital deployment on growing our core platforms, while DESTACO will benefit from Stabilus' focus on industrial automation and strong go-to-market channel in industrial and automotive applications,” said Richard J. Tobin, president and CEO of Dover.

According to Stabilus, the acquisition is an important next step in its long-term strategy to strengthen its industrial business unit and reach a target revenue split equally between the automotive and industrial business units.

“DESTACO is a company with more than one hundred years of tradition and has a strong position in the growth market of industrial automation. This megatrend will be further strengthened by reshoring of production sites from emerging economies back to industrialized countries, especially because production processes need to be further automated due to the shortage of skilled workers,” said Michael Büchsner, CEO of Stabilus. “We look forward to welcoming DESTACO under the Stabilus umbrella and to continuing our growth path together towards becoming a global leader in motion control solutions.”

The transaction is expected to close in the first half of 2024.