Dover to Sell Environmental Solutions Group Business Unit

Core Viewpoint - Dover has announced a definitive agreement to sell its Environmental Solutions Group (ESG) business to Terex Corporation for $2 billion, which is expected to close before the end of 2024, pending regulatory approvals [5][2]. Group 1: Company Overview - ESG, based in Chattanooga, TN, is a leading provider of refuse collection vehicles, compactors, and balers, generating approximately $750 million in revenue in 2023 [1]. - Dover is a diversified global manufacturer with annual revenue exceeding $8 billion, operating through five segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies [7]. Group 2: Transaction Details - The sale of ESG is structured on a cash- and debt-free basis, subject to customary post-closing adjustments [5]. - Centerview Partners served as the financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel for Dover during this transaction [6]. Group 3: Leadership Commentary - Dover's President and CEO, Richard J. Tobin, acknowledged the significant value ESG has created for Dover shareholders over the years and thanked ESG President Pat Carroll and his management team for their transformational efforts [6].