Dover buys Anthony International for $602.5M

Dover purchases Anthony International from Avista Capital Partners for $602.5 million

Associated Press

DOWNERS GROVE, Ill. (AP) -- Dover has acquired Anthony International from private equity firm Avista Capital Partners for $602.5 million.

Anthony International makes specialty glass, commercial glass refrigerator and freezer doors, lighting systems and display equipment. The Sylma, Calif., company will become part of Dover's refrigeration and industrial group.

"Anthony expands our product portfolio and enhances our service offerings which will enable us to help our customers improve their energy efficiency and profitability," Dover President and CEO Bob Livingston said.

Dover is a diversified global manufacturer. The Downers Grove, Ill. company expects the Anthony acquisition to modestly add to its earnings per share in 2013.

In October Dover reported that its third-quarter net income climbed 40 percent, helped by acquisitions and by the absence of a big loss tied to discontinued operations from a year ago. The company also cut its full-year earnings and revenue forecasts, saying it faces global economic uncertainty and challenges in the handset and electronics markets.

Dover Corp.'s stock declined 34 cents to $63.67 in afternoon trading.

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