Dover (NYSE:DOV) has acquired specialty manufacturer Anthony International, Dover announced in a press release. The company paid $602.5 million to private equity company Avista Capital Partners for the acquisition.
Anthony International -- based in California but with operations in Italy, China, and South Africa -- is a manufacturer of glass doors and related equipment for the refrigeration industry. Dover said its 2012 revenue is estimated at around $310 million. The acquisition is expected to be dilutive by around $0.02 per Dover share, and then "modestly accretive" to EPS thereafter.
Dover President and CEO Bob Livingston was quoted in the press release as saying the acquisition "expands our product portfolio and enhances our service offerings, which will enable us to help our customers improve their energy efficiency and profitability. "
Dover shares closed at $63.59 following the announcement, $0.42 down on the day.