DOWNERS GROVE, ILL. (Feb. 13, 10:05 a.m. ET) — Polymer melt technology specialist Maag Group is slated to become part of another fluids oriented business within Dover Corp.
Maag and Dover announced Feb. 13 that they have signed a definitive agreement for undisclosed terms.
Maag is a leader in gear pumps, pelletizers and filtration systems for plastics, chemicals and other industries. Maag will become part of the Pump Solutions Group, a business unit within Dover's Fluid Solutions platform.
Maag Group was established in 2010 through the merger of Maag Pump Systems and Automatik Plastics Machinery. Maag Group has more than 500 employees and logged sales of about 130 million euros ($172 million) for the year ended Dec. 31. It is based in Zurich, Switzerland, with offices in Germany, the United States, France, Italy, Singapore, Malaysia, Taiwan, China and Brazil.
Maag has been owned by Scottish industrial investor Clyde Blowers Capital and Swiss industrial investor CGS Management.
Downers Grove-based Dover is a multi-billion dollar, diversified global manufacturer. Its four major operating segments are Communication Technologies, Energy, Engineered Systems and Printing & Identification. It employs more than 33,000. The firm is traded on the New York Stock Exchange.
Dover's Pump Solutions Group makes positive displacement pumps and supporting technologies and manages locations in the United States, France, Germany, India and China.
“The acquisition of Maag further supports our strategic goal of deploying capital in our key growth spaces and will enhance our overall fluids position through the expansion of [the Pump Solutions Group] product portfolio and technological depth within its core markets of chemicals and petrochemicals,” stated Dover President and CEO Bob Livingston, in a news release.
The parties expect to finalize the purchase at the end of the first quarter of 2012.
“The Maag Group has been an excellent investment for Clyde Bowers Capital and represents an excellent result for the team and our investors,” noted Clyde Bowers Chairman and CEO Jim McColl in a news release. “Since acquiring Maag Pump Systems from Textron in 2008, we have delivered on our strategy to grow the business both organically and through M&A, and in particular, the successful merger with Automatik Plastics Machinery.”