Dover Corporation announced that it has completed the sale of Heil Trailer International to American Industrial Partners. Subject to normal post-closing adjustments, proceeds from the sale are $220 million.
“We are pleased to have completed the sale of Heil Trailer International,” says Bob Livingston, president and CEO of Dover. “This transaction marks another step in our strategy of focusing on our growth spaces. While Heil Trailer has strong brand recognition and market position, it did not align with our long-term strategy.”
The company anticipates recognizing a gain on the sale of approximately $0.35 per diluted share. Heil Trailer’s full-year 2011 revenue is estimated at $250 million, with associated full-year earnings per diluted share of approximately $0.11, including $0.04 attributable to the fourth quarter of 2011. Heil Trailer’s 2011 financial results, along with all comparative periods, and the anticipated gain on the sale, will be reported within discontinued operations beginning in Dover’s fourth quarter 2011 earnings release.
