Dover Corporation [NYSE: DOV] disclosed that it has decided to divest its unified brands business which is part of Dover’s Refrigeration & Food Equipment segment, to Electrolux Professional AB. Dover will get $244 million, on a cash-free and debt-free basis. Unified Brands has earned recognition for its design, produces, and promotes professional cooking equipment for commercial foodservice operators.
It has been disclosed that the Unified brand of Dover is anticipated to create roughly $135 million in sales in 2021. Unified Brands has remained connected with the Dover family for more than fifty years. Dover Corporation contemplates that this transaction is the best option for both Dover and Unified Brands.
Furthermore, the divestiture of Unified Brand will enable Dover to serve its time and capital on increasing its core business platforms, while Unified Brands will take advantage of Electrolux Professional’s focus on the commercial foodservice market and its harmonizing customer base, product lines, and channel partners.
The transaction is anticipated to execute in the fourth quarter of 2021. The execution of the deal depends on the fulfillment of customary closing conditions.